CNN
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The Senate handed first-of-its-kind bipartisan cryptocurrency legislation, known as the GENIUS Act, after months of negotiations and weeks of back-and-forth between Democratic and Republican backers. The ultimate tally was 68-30, with 18 Democrats voting sure, and two Republicans voting no.
The invoice now strikes to the Home for consideration. Home Majority Whip Tom Emmer has known as for the chamber’s Monetary Companies Committee to advance stablecoin legislation by the tip of July.
The GENIUS Act goals to manage stablecoin, a particular kind of cryptocurrency that’s tied to the US greenback. Regardless of bipartisan senators engaged on this invoice for months, and basic settlement throughout the Capitol that stablecoin regulation is critical, the legislation has grow to be a flashpoint for Democratic considerations with President Donald Trump’s personal cryptocurrency dealings.
Sen. Elizabeth Warren, the highest Democrat on the Senate Banking Committee, has persistently warned that the invoice doesn’t place enough guardrails on stablecoin, and alleged that the GENIUS Act would “supercharge” corruption.
Democratic Sen. Chris Murphy of Connecticut has agreed that the invoice wants stricter ethics pointers, telling CNN’s Dana Bash beforehand, “If Congress passes a invoice within the subsequent few weeks that exempts the president of america from the ethics necessities across the issuance of cryptocurrency, then, sure, we could have nobody responsible however ourselves for this, a minimum of this, particular sort of corruption.”
Nevertheless, GOP Sen. Invoice Hagerty, one of many lead co-sponsors of the invoice, has insisted that “this legislation is agnostic as to firm, it’s agnostic as to particular person.”
“That is merely about placing america of America on the very best digital funds path that it presumably may very well be on,” the Tennessee Republican informed reporters on the Capitol in Might. “That is a few funds forex, and it’s about client safety, and it’s about greenback dominance and Treasury dominance – that’s all it’s about. And there are quite a lot of superfluous questions going round however I believe we’ve accomplished a very good job of answering these.”
The Senate initially didn’t advance the package deal after Democrats withheld their support resulting from considerations over Trump’s cryptocurrency deals. Additional bipartisan negotiations resulted in a brand new modification draft that garnered sufficient assist amongst Democrats to maneuver the package deal ahead.
