American Senate members are preparing to vote on the very expected Stablecoin Bill, which recently failed to pass a stroke. After facing a violent reaction and supporting the withdrawal from Democrats in the Senate, the draft law has undergone new amendments from the two parties to enhance legislation in the coming weeks.
Stablecoin to meet the second gathering movement
A week after his failure to pass the US Senate’s vote, Senator John Thun made a flogging in the amended guidance law and the creation of national innovation in favor of Stablecoins (genius) in the United States after efforts to revive the legislation.
Senator files for second cloture motion on the GENIUS Act. Source: Congress.gov
The draft law, sponsored by Republican Senator Bill Hajri, failed to issue a stroke’s proposal on May 8 after he withdrew many legislators, including two Republican Senate members, their support before voting.
It is worth noting that Stablecoin’s legislation only obtained 49 favorable votes when the process requires 60 Senate members to approve the promotion of legislation into a discussion on the open floor. Before the failure of last week, the genius law was considered an effort from the two parties to provide organizational clarity, as it supports various Democrats in the Senate.
The draft law has undergone various amendments to address the concerns of Democratic Senators, including strict requirements for Stablecoin and anti -money laundering provisions (AML). However, in an opposition statement, tens of Senate members, including four democrats who previously supported the draft law, criticized the revised version of the legislation.
The legislators suggested that the draft was deleted the basic AML guarantees and national security and has mysterious regulations that could expose the encryption markets to exploit, which led to its failure.
Now, Eleanor Terret Reports This Senator Thun submitted a request for a second group movement on May 15, with a vote scheduled for Monday evening after various amendments to address Democratic concerns.
The two parties ’modifications cannot be sufficient
As said Bitkoni, American Senate members of both sides have been working to “revive” the Stablecoin legislation quickly since the failure of May 8.
The sponsor of the bill, Senator Hajari, recently told Bloomberg that the employees of the two parties continued to work in the genius law, in the hope that the Democrats in the Senate will agree to pass the draft law before the anniversary holiday, on May 26.
It is said that the latest version of the two modified parties of Stablecoin’s legislation includes a new language regarding consumer protection, ethics and restrictions on the exporters of adult technology, among other provisions.
According to the draft page shared by Terret, the draft law now prohibits non -financial companies that are publicly traded, such as Meta, Amazon, Google and Microsoft, from Stablecoin unless they meet strict financial risks, consumer data, and fair commercial practices, to maintain “separation between banking and assembly”.
New bipartisan amendments to the GENIUS Act. Source: Eleanor Terret on X
In addition, it proves that exporters cannot use brands associated with the United States, or prohibit conditions such as “the United States”, “the United States government”, or “USG” in the name of Stablecoin to prevent consumers’ confusion with a symbol supported by the United States. This responds directly to Senator Elizabeth Warren’s concerns about the potential “corruption of encryption”.
The draft law has expanded ethics coverage for private government employees, adding that regular and private government employees, including Elon Musk and Ai & Crypto CZAR, David Sacks, are uniformly subject to conflicts in interest procedures.
Meanwhile, the two parties also strengthening the enforcement capabilities of the Ministry of Treasury, which secures “the agency’s ability to suspend the source registration after reckless and intentional violations.”
Despite the changes, modern note One of the Democratic employees of the Senate Banking Committee indicates that the amendments are not sufficient for the draft law to pass the vote next week, because “many new changes are fig papers for important differences that endanger the protection of the consumer and national security.”
On Thursday, the Democrats analysis confirms that “the current draft paves the way for more Trump Corruption,” and expanding the “giant national security vulnerability”, and still allows major technology companies to issue Stablecoin with no treatment of several “basic defects”.
Bitcoin (BTC) trades at $103,695 in the one-week chart. Source: BTCUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
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