The Senate has just passed to adopt the Act on Engineering, ensuring that this bill will become law. It will have massive implications for the regulation of American cryptography, creating a new framework for Stablecoins.
Several Democrats expressed their opposition to the act, but it was adopted with strong bipartisan support.
Genius acts to take effect
The regulation of stablescoin is a burning subject in the cryptographic industry at the moment, and the law on engineering represents a major breakthrough for innovation.
After months of debate and stranded votes, a series of new amendments and bipartite support pushed him on the finish line. Now all he needs is that the signature of President Trump takes effect.
Several large institutions have already planned this decision and are preparing accordingly. JPMorgan and the Bank of America announced their intention to launch their own stablecoin soon.
The Act on Engineering will impose new restrictions on stablecoin issuers, forcing to buy huge sums of American cash bonds.
This requirement pushed the attachment to buy more treasury bills than most states, which potentially gives a new influence of stablescoins in global finance. President Trump has major projects for this industry, attributing them to them in the domination of the dollar.
Some democratic senators vigorously opposed the engineering law, considering it as an avenue for the cryptographic corruption of Trump. In addition, criticisms have stressed that it could complicate bankruptcy procedures.
According to article 9 of the bill, Stablecoin holders have priority on other creditors in the event of insolvency of the issuer. This could create serious problems if banks or large companies are starting to emit stalls.
Overall, however, the party supported the bill. A few DEMS, this Senator Kirsten Gillibrand, spoke in favor of the cryptographic industry while denouncing the investment of the president, which other legislators can adopt.
Anyway, a new chapter of the American crypto regulations began. The industry has gathered an immense effort to adopt the law on engineering, and its struggle has borne fruit. Hopefully this bipartite coalition can also win future victories.
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