Currently, the GENIUS Act is actively discussed in the US Congress, proposing significant reforms for the crypto market. The debates are heightened by differing approaches among lawmakers and crypto industry representatives.
Discussion of the GENIUS Act in Congress
Recently cleared in the Senate, the GENIUS Act is now being debated in the House, where a heated discussion is ongoing regarding how to advance the initiative. Republican leader Tom Emmer insists the Act must be tied to the House’s CLARITY Act.
Internal Rift in the Crypto Industry
Meanwhile, there is no consensus within the crypto industry. A strong lobby group, including Coinbase and a16z, supports passing both bills together, believing this is the only route to comprehensive regulation. DeFi advocates are calling for urgent passage of the GENIUS Act, arguing that it will provide necessary clarity on stablecoins. Amanda Tuminelli of the DeFi Education Fund emphasized that regulatory clarity has been long overdue, and separating the bills ensures faster progress.
Dynamics in the Senate
The Senate is also attempting to establish its strategy. Senator Bill Hagerty confirmed collaboration with Senators Tim Scott and Cynthia Lummis to advance market structure principles. However, not all senators appear to be unified, adding further complexity. Lummis acknowledged the industry's split stance, highlighting the need for lawmakers to navigate industry friction closely.
Thus, the discussion surrounding the GENIUS Act illustrates the complex dynamics between Congress and the crypto industry. Given the varied opinions and political tensions, the next steps in the legislative process remain uncertain.
