The director of artificial intelligence (AI) and cryptocurrencies in the White House David Sax, whom US President Donald Trump appointed Cryptosar, said confidence in the adoption of the draft law on stablecoin.
In addition, the investment director (CIO) Bitwise Matt Hawgan noted that the progress of the US Senate under the historical bill on stablecoins can become an engine for many years of growth of cryptorrhoids.
So, on May 19, 2025, the US Senate voted with 66 votes against 32 for promoting the bill “Guiding and Establing National Innovation for us Stablecoins”, which regulates the stabilcoins market.
The bill received two -party support, including 16 democrats who opposed. Before the final adoption of the document, votes on amendments should still take place.
According to the analyst, the legislative initiative, which obliges to provide stablecoins with treasury bonds of the United States or their monetary equivalents, opens the doors to the full use of digital assets in the financial system.
The law also provides for mandatory registration of issuers in federal banking regulators, annual audits for companies with more than $ 50 billion and compliance with the requirements for countering money laundering. External issuers and non -residents of the United States also fall under regulation.
Against the background of voting, the activists of the Stand with Crypto campaign sent more than 60,000 letters to senators in support of the bill. One of his authors, the republican Senator Bill Hagerti, called the document “revolutionary”:
However, not everyone supports the initiative. Democratus Elizabeth Warren criticized the ignoring Trump’s connections with the World Liberty Financial cryptocurrency project.
Also, the Congressman Franch Hill, who was elected chairman of the Committee on Financial Services of the House of Representatives of the United States, believed that Trump’s cryptoinialitivity prevented the adoption of stablecoin regulations.
According to CoinmarketCap, at the time of preparation of the material, the market capitalization of stabiblcoins reached almost $ 250 billion.
Hawgan emphasized that the adoption of Genius ACT will legitimize the market at the federal level, which will open the way to participate in large banks and the widespread use of stabilcoins in trade.
In his opinion, this law will be the first step towards the transition of the entire financial infrastructure – shares, bonds and derivatives – to the blockchain.
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Source: Cryptocurrency
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