The American Senate adopted a critical vote of the fund on the law of guide and establishment of national innovation of the American law on stablescoins (engineering). The bill was adopted with 66 votes in favor and 32 votes against.
However, it is important to note that the bill has not yet become law. He will proceed to the Senate for the debate and possible modifications.
Genius Act erases the voting of the Clot
The culmination of the voting on the cup was that sixteen democrats have changed their votes to support the bill, a significant change in favor of the law on engineering.
According to the journalist and crypto in America, the accommodation Eleanor Terrett, the bill will move to the Senate this evening or Wednesday.
“GOP leaders hoped to obtain a final adoption vote before the Memorial Day next Monday, but not very clear if this will happen at present,” said Terrett.
Faryar Shirzad, director of Coinbase policy, described the vote as a “historic early victory”. He stressed that, although many stages remain, this decision brings the legislation of Stablescoin to become a reality closer.
“Crypto shows again that this is the biggest bipartite problem at stake on the hill,” wrote Shirzad.
Senator Bill Hagerty, the bill of the bill, also expressed his optimism. He predicted that the engineering law could stimulate the request for bonds from the US Treasury of more than 1 dollars, which could strengthen the country’s financial system.
“The act of engineering skyrocketed in the United States with a digital payment framework with the fastest possible rails. It will ensure the domination of the US dollar,” said Senator Hagerty.
However, legislation has also aroused strong criticism. Senator Elizabeth Warren, classification member of the senatorial banking committee, warned against systemic risks, citing an economist winner of the Nobel Prize in a press release on X.
“We need strong regulatory monitoring of stalls. The engineering law has no fundamental provisions to preserve financial stability and increase the systemic risk resulting from stabb races and inadequate railings on foreign issuers,” said economist Simon Johnson.
Crypto commentator Richard Heart also offered a scathing criticism. He argued that the genius law would force stablecoins in the traditional banking system. He said that this would prohibit decentralized stables, would limit the program to banks and approved partners and offer no interest to holders, effectively stifling innovation in the decentralized financial space.
“It is a * repression of Stablecoin * which protects operational operators and could handcuff DEFI Innovation. USDC, USDT, DAI,” said Heart.
Although the voting by the fence is a procedural victory, it revealed deep divisions. For the moment, the final adoption of the bill remains uncertain. While the Senate is preparing for the decisive vote, the debate on the regulation of stablescoin continues to intensify, with large-scale implications for the future of digital finance in the United States.
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