🚨 BREAKING NEWS! 🏛️ KEY bill on Stablecoins advances in the U.S. Senate! Will it change the crypto game? 🚀💰
Attention! 📢 A news that could change the rules of the game has shaken Washington. The United States Senate has just taken a HUGE step by approving, with 66 votes in favor and 32 against, the advancement of the debate on the GENIUS Act (Clarity for Payment Stablecoins Act). This is huge for the future of #Stablecoins ! 🗽 Republican Senator Cynthia Lummis, one of the key proponents of this bill, has already set a deadline! 🎯 She hopes the GENIUS Act will be approved before May 26, Memorial Day in the U.S. This shows the urgency and interest in regulating the stablecoin market, which already moves nearly $250 billion and is dominated by giants like Tether (USDT) and Circle ($USDC )! 💸
The GENIUS Act, introduced by Senator Bill Hagerty, has clear goals: it wants stablecoins to be fully backed 🏦, to have regular security audits ✅, and to have the approval of federal or state regulators 🧑⚖️. Be careful! Only licensed entities will be able to issue stablecoins, and algorithmic stablecoins will be restricted. Goodbye to unbacked experiments! 🚫 But of course, not everything is perfect. 🍯 Several Democratic senators had withdrawn their support for the bill in early May, blocking its advancement! 🛑 They cited concerns over possible conflicts of interest related to Donald Trump's crypto businesses and issues with anti-money laundering provisions. The crypto politics is a minefield! 💣 However, the bill was quickly revised to gain the necessary bipartisan support and, voilà!, it now moves to debate.
🤔 If the GENIUS Act is approved, do you think it will bring the long-awaited clarity and security to the stablecoin market?
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