The US Congress completed the Crypto Week with the passage of the Genius Law and sends other invoices to the Senate after successful votes and negotiating a small amount.
The US Crypto Industry was happy to pass and send the Genius Law of the House of Representatives – the industry’s flagship stablecoin bill – to the President’s desk for his signature. The Stablecoin bill received bilateral support after several rounds of revision.
The Assembly also crossed a long -awaited market structure supported by the Blockchain industry and the republican representative Tom EMMER, who would prohibit the broadcasting of the Federal Reserve from a central bank digital currency (CBDC).
The last two invoices will go to the Senate, where the thinner crypto republican majority can mean more negotiations and changes before passing.
Crypto Week, Genius Movement on President Trump’s table
The US President Donald Trump goes to the White House, which is expected to sign on Friday at 14:30 on Friday, the US President Donald Trump is expected to sign on Friday at 14:30.
The law will enter into force 18 months after Trump’s signing 18 months after signing, or 120 days later after publishing the final regulations that implement the Genius Law of the “Primary Federal Payment Stablecoin Regulators ((ie the US Treasury and Federal Reserve).
Once you have entered into force, it will have a number of standards, including stablecoin problems, solid reserve requirements and being subject to the Bank Privacy Law.
Logan Payne, a crypto -oriented lawyer at Winston & Strawn, said that Genius will previously force many American Stablecoin exporters to be a bank.
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Stablecoin exporters under the Genius law are limited to this activity. However, most of the US stablecoin exporters already offer more services than just stablecoins. According to Payne, they will want to pursue a bank regulation that allows Stablecoins to publish a wide range of activities, but without receiving state-state licenses ”.
The crypto industry could not get everything he wanted in the Genius Law. Coinbase CEO, Brian Armstrong, was determined to include deputies’ provisions to offer stablecoin exporters interest in customer stablecoin reserves.
Armstrong controversial “Onchain interest gives regular people a fair chance to protect and raise their reserves by democratizing access to the market ratio rate.”
Nevertheless, the latest version of the bill does not give such a judgment.
Furthermore, three years after the draft signed, foreign stablecoin exporters who have not been approved in the USA will not be able to offer a stablecoin in the country. For example, if the US Treasury thinks that the country’s country of origin has a comparable regulatory regime with the US, there are some carvings.
Will the Senate clarify the crypto industry?
The law of clarity and the EMMER’s anti -CBDC surveillance law is now going to the Senate.
The Law of Below shall submit an exemption from the Law of Securities of 1933 to the “Digital Goods in Mature Block Chains ve and re -appoint the regulatory view from the Securities and the Stock Exchange Commission (SEC) to the Commodity Futures Commission (CFTC).
The law received a significant amount of two -party support in the House of Representatives, despite the “anti -crypto corruption week campaign among some of the democrats of parliament.
Many crypto critics in the Congress believe that the invoices are not enough to address concerns about corruption and ethical violations, especially since President Donald Trump is related to personal crypto business.
Nevertheless, the clarity law had relatively bilateral support in the Assembly and voted in favor of 78 Democratic measures.
The Senate Democrats, who also support the Genius Law, may be willing to vote again with the vocal criticism of invoices from crypto-Skeptic democrats in Senate Elizabeth Warren, such as the Senate Elizabeth Warren.
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By voting on the anti -CBDC invoice, it reflected a more partisan division as to whether the Fed had to prevent a digital dollar. The sponsor of the bill repeated CBDC’s usual criticisms in the announcement of Thursday and called the insidious technology that will weaken our values and destroy the right of privacy of Americans ”.
Nevertheless, only a few Senate Democratic design voted, considering that 22% of the democrats of a recent Cato Institute survey opposed a CBDC, the bill may have a chance to pass.
Crypto Industry optimistic
Even with changes and warnings, three invoices would represent a decline for the crypto industry in the US and the beginning of the full integration of crypto into the country’s financial system.
Crypto leaders are optimistic. Nathan McCauley, CEO and founding partner of Anchorage Digital, said, “Knowing which assets are commodities and this distinction is important, causing market transparency and crypto to integrate traditional financing”.
James Harris, CEO of Tessect Group, a crypto borrowing company, said that pro -crypto laws in the US have the chance to influence the laws abroad: “Politics are often admirers from the United States all over the world.”
“The US wants to reclaim digital asset leadership and the US will still be the biggest market if they succeed. Delays will give an advantage for UAE and Hong Kong,” he said.
With the swing of the crypto pro -crypto, it seems to be the question of “when” instead of “if” whether these bills will pass.
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