The Senate approved on Tuesday, after the National National Innovation for the American Stablecoins (Genius) Act. Landmark Crypto legislation Faced with a number of obstacles before they crossed the finish line in the upper room.
Senator Tim Scott, RS.C., speaks during a confirmation hearing in Washington, DC, 27 February. (Al Drago / Bloomberg via Getty Images / Getty images)
“We are at the point of doing something that has never been done in the history of the country,” Scott explained. “This is more about democratization than about Democrats or Republicans. This is to ensure that single mothers such as those who have raised me, she can have the expectation that this digital economy will actually lower the costs and have it used that dollars about other priorities.”
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The dual bill, which was introduced by Senator Bill Hagerty, R-tenn., The challenges on the way to the Senate floor after Democrats Blocked the bill At the beginning of May. Senate majority leader John Thune, R-South Dakota, said he was wondering if it was “just democrats hindered because they want to deny republicans, or President TrumpA dual victory “at the time of last month’s vote.
The most important part of the legislation is setting up a regulation framework for payment staboins, a signal that the congress and the federal government take the crypto industry more seriously.
Treasury Secretary Scott Bessent On Tuesday morning, the legislation welcomes the passage of the bill, which promoted the support of the Trump government for the crypto industry.
Washington, DC – 7 March: American secretary of Treasury Scott Bessent and the American President Donald Trump are looking up during the White House Digital Assets Summit in the State Room of the White House on March 7, 2025 in Washington, DC. Trump held the S (Anna Moneymaker / Getty Images / Getty image)
“Recent reporting projects that Stablecoins could grow into a $ 3.7 trillion market by the end of the decade,” Bessent Posted on X. “That scenario is more likely with the approval of the brilliant action.”
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The bill now goes to the house and if it passes the lower room, it would end at the president’s office. Senator Tim Scott told Fox that he is optimistic that the Genius Act will be signed in the law by August.
The number of people worldwide who owns at least $ 1 million in cryptocurrency has risen. (Istock)
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“This Genius Act will lay down clear rules for Stablecoins, making a huge potential for more efficient payments and financial services unlocking,” Smith explains. “We welcome the senators and their staff who have defended this critical framework and look forward to fast action in the house to get this over the finish line.”
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The timeline for a house voice remains unclear, but Senator Scott and the eagerness of the Trump administration to get the brilliant act in the law will probably play a role in the process.
