🔥You are one step closer to the approval of the stablecoin law in the United States 👀
Yesterday, the U.S. Senate approved the bill to Guide and establish national innovation for #Stablecoins of the United States (or Genius law), with 68 votes in favor and 30 against. The next vote will be given by the House of Representatives.
The Genius bill (#GENIUSActPas ss) has been under development for some time, having undergone several changes to comply with established regulations. The purpose of this bill is to establish clear rules for the collateralization of stablecoins and compliance with anti-money laundering laws.
Why is the approval of this law so important? To begin with, there are several interests at stake, and perhaps one of the most enthusiastic is #DonaldTrump mp.
It is known that the Trump family has a significant stake in World Liberty Financial, which issued its own stablecoin last March.
The mere fact that stablecoins are recognized within a regulatory framework in the United States opens the door for more companies to issue their own.
Just recently, some media pointed out that tech companies like Apple, Airbnb, and X would be exploring stablecoins as a means to reduce fees and make cross-border payments.
The latest to make a public announcement was #JPMorgan and their stablecoin pilot program with the underlying blockchain.
Do you think this bill will be approved?