Update (May 20, 3 h 17 UTC): This article has been updated to add statements by senators and information on the law on engineering.
The US Senate voted to advance a stable stable stable regulatory bill after the Democratic senators blocked a previous attempt to advance the bill on concerns concerning the sprawling of President Donald Trump.
A key procedural vote on the guidance and the establishment of national innovation for the American stable law, or Genius Act, was adopted during a 66-32 vote on May 19, local time.
Several Democrats, including Mark Warner, Adam Schiff and Ruben Gallego, have changed their votes to adopt the motion to invoke Cloture, which will now put the bill to a debate on the Senate soil.
Republican senator Cynthia Lummis, one of the main donors of the bill, said on May 15 that she thought it was a “fair target” that the act of genius is adopted by May 26 – Memorial Day in the United States.
Several Democratic senators have withdrawn the support of the bill on May 8, blocking a motion to advance it, invoking concerns about conflicts of potential interests involving Trump’s cryptographic companies and the anti-flowage provisions of the bill.
Warner expressed his concerns about Trump’s Crypto companies in a statement before the vote, but said that the United States could not “afford to continue standing” while the cryptographic industry is evolving.
“We cannot allow this corruption to blind us to the broader reality: blockchain technology is there to stay. If American legislators do not shape it, others will do it – and not to serve our democratic interests or values. ”
Warren says Bill will not stop Trump’s “cryptographic corruption”
Democratic senator Elizabeth Warren, a long -standing skeptical of cryptography, was one of the strongest opponents of the Stable bill, arguing before the vote that he had not approached the “flagrant cryptographic corruption of Trump”.
Trump and his family recently launched various crypto projects, which include Memecoins, a cryptographic platform, a cryptographic mining company which plans to become public and a stablecoin which has quickly become the largest value of value, according to Coindecko data.
“Trump and his family have already pocketed hundreds of millions of dollars from his cryptographic companies, and they get hundreds of millions of others from his stablecoin, USD1, if this bill adopts,” she said.
Senator Bill Hagerty presented the Act on Engineering on February 4, which aims to regulate the market by nearly $ 250 billion, currently dominated by Tether (USDT) and USDC de Circle (USDC).
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The bill requires that stablecoins be fully supported, have regular security audits and the approval of federal or state regulators. Only approved entities can emit stablecoins, while algorithmic stablecoins are restricted.
The Hagerty Stablescoin bill is based on the discussion project he has submitted to the law on stablescoins of clarity for the payment of former representative Patrick Mchenry in October.
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