Senators are preparing to vote on the GENIUS Act, which would create the first U.S. rules for stablecoins.
Updated Provisions of the Bill
The GENIUS Act includes provisions limiting Big Tech firms like Meta from issuing stablecoins without special approval. This change was made following a previous failed vote earlier this month.
Opposition Concerns
Despite the updates, key progressive senators, including Elizabeth Warren, remain dissatisfied. Warren argues that the legislation still opens the door to corruption in crypto linked to the Trump family.
Reactions to the Bill and Its Future
The bill requires stablecoin issuers to hold reserves in safe assets such as Treasury bills and comply with anti-money laundering laws. The industry believes that passing this bill will be a significant step towards modernizing the U.S. financial infrastructure.
The upcoming Senate vote on the GENIUS Act represents a critical moment in the regulation of cryptocurrency in the U.S., but the bill still faces opposition and concerns regarding its provisions.
