Senate rekindles bipartisan backing for stablecoin regulation, according to a report
It seems the Genius Act, a crucial piece of legislation for regulating stablecoins, is facing a rough road to revival in the U.S. Senate. This bill, championed by the who's who of the crypto industry, was initially supported by both parties but hit a snag last week due to a cloture vote failure, as Republican and Democratic senators couldn't quite agree on the finer points of this bill.
Senator Bill Hagerty of Tennessee, the bill's lead sponsor and a happy-go-lucky Tennessee gentleman, shared with Bloomberg that staff from both parties are busy working on the Genius Act despite the setback. He's hopeful that the senators will align on this one before the Memorial Day recess, saying, "The window is now. Let's see if reasonableness prevails."
Democrat Angela Alsobrooks of Maryland, a key supporter of the bill, confirmed that senators are still working behind the scenes. However, no specific details have been divulged yet.
Recent events have heated up the crypto scene with the U.S. Senate voting against advancing the Genius Act, a major blow to the crypto industry's craving for regulatory clarity. As reported on our website, the cloture vote fell just short of the 60 votes needed, with 48 votes in favor and 49 against.
Many objecions were raised, including concerns about inadequate safeguards against illicit finance and foreign stablecoin issuers, while some Democrats pointed their fingers at President Trump's crypto dealings - think memecoins and fundraising dinners - as potential roadblocks to the Genius Act's progress.
With the U.S. feeling the heat to keep up with international markets, like the European Union, that have already implemented stablecoin regulations, industry players are anxiously awaiting regulatory clarity in the States. The hope is to have rules in place by August 2025 to ensure the U.S. remains a worldwide powerhouse in the crypto landscape.
In essence, the Genius Act is stuck in congressional limbo, with Democrats demanding stronger safeguards against money laundering, national security risks, and foreign stablecoin issuers. The bill's passage hinges on finding common ground and securing the 60 votes needed to bring it to the Senate floor for a vote. Let's keep our fingers crossed for a reasonable solution and a speedy resolution to this situation. #CryptoWars #StablecoinRegulations #GeniusActRevival
- Investors in the crypto world are keeping a close eye on the Genius Act, a bill aimed at regulating stablecoins, as it faces challenges in the U.S. Senate.
- Despite the recent cloture vote failure, Senator Bill Hagerty remains optimistic about the bill's future, expressing hope that senators will reach an agreement before the Memorial Day recess.
- Democratic Senator Angela Alsobrooks has confirmed that senators are still negotiating the finer details of the Genius Act, but specifics have yet to be disclosed.
- The debate surrounding the Genius Act has extended to political arena, with concerns about illicit finance, foreign stablecoin issuers, and potential conflicts of interest with President Trump's crypto dealings being raised.
