The bill, conditionally referred to as “Genius”, is an initiative aimed at creating a legal framework for regulating the activities of issuers of stablecoins, tied to the cost of the US dollar.
The purpose of the bill is to ensure the stability of the financial system of the United States, the protection of consumers, as well as the prevention of risks associated with the unregulated use of stablecoins, the absence of liquid reserves and the supervision of regulators.
During the debate, a member of the Banking Committee Elizabeth Warren (Elizabeth Warren) sharply criticized the provisions of the Genius law. The senator accused his initiators of trying to transfer the right to regulate the American monetary system into the hands of technological tycoon, like Ilon Musk.
On March 13, the document successfully passed the discussion in the Senate banking committee, was adopted by a majority vote and transferred to further approval in both chambers of Congress. At the same time, not one of the amendments proposed by Senator Warren was included in the final version of the bill, including her proposal to limit the issue of stablecoins for banking institutions.
Senator Tim Scott, chairman of the Senate banking committee, described the approval of the Genius bill as a victory of common sense and innovation.
Earlier, US President Donald Trump said that the digital asset industry plays a decisive role in the economic development and international leadership of the United States, so it supports the use of cryptocurrencies and blockchain in all sectors of the economy.
Source: Bits
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