In this week's Cointelegraph program, we analyze key moments in U.S. cryptocurrency legislation.
On May 19, the U.S. Senate passed the GENIUS Act by a vote of 66-32, an important bill aimed at establishing a regulatory framework for stablecoins. At the same time, Representative Tom Emmer reintroduced the bipartisan blockchain regulatory certainty bill.
Interpreting the GENIUS Act
The full name of the GENIUS Act is the 'U.S. Stablecoin Innovation and Establishment Act', which aims to address fundamental questions about stablecoin issuance and regulation.
Rashan Colbert, U.S. Policy Director of the Cryptocurrency Innovation Council, explained that the bill is not just about definitions but also emphasizes who is eligible to issue, such as bank affiliates, credit unions, and approved non-bank entities.
The bipartisan momentum driving the GENIUS Act is significant. Colbert noted that there has always been implicit support within Congress, especially among Democrats.
Protection for blockchain developers
The blockchain regulatory certainty bill in the House of Representatives is co-sponsored by Emmer and Ritchie Torres, aiming to provide legal clarity for developers and service providers who do not hold customer funds.
Colbert pointed out that this provides the necessary clarity for them to continue operating successfully. As cryptocurrency adoption rises, especially in minority communities, the pressure is mounting.
Looking ahead, broader market structure reforms will be more complex. Colbert encouraged the public to engage actively, stating that cryptocurrency has become a significant issue and Capitol Hill is finally starting to listen.
Please listen to the full Byte-Sized Insight interview and check out other programs from Cointelegraph.