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The possibility of the U.S. Senate approving the GENIUS Act by the weekend is currently a hot topic. This legislation, previously detailed, is tailored for stablecoins. Eleanor Terrett’s update highlights that the bill’s enactment hinges on Congress reaching a consensus, with ongoing dialogues between Democratic and Republican senators.
Current Status of the GENIUS Act
Senators working on the bill aim to secure support from all lawmakers by seeking consensus on fundamental issues. Some critical modifications have been proposed to expedite the legislative process for the GENIUS Act. The acceleration of the proposal might involve partially bypassing existing law-making procedures, provided senators agree on key points, possibly omitting part of the full negotiation process.
Several senators have recently requested various amendments to the bill. These requests are seen as potential enhancers of the legislative support needed for the bill to reach the President’s desk.
Criticisms and Amendment Requests
The search for consensus regarding the GENIUS Act accelerated following criticisms from some quarters. Critics argue that the legislation has deficiencies and lacks certain regulations.
Conversely, leading financial sector representatives and some senators are debating whether the act sufficiently addresses security, stability, and transparency within the crypto asset market.
Moreover, broad consensus within the Senate is essential for the swift progress of the bill after a previous voting attempt failed. Senators have expressed willingness to make adjustments that consider the perspectives of both financial sector players and the public.
Senator Eleanor Terrett remarked, “Efforts to achieve agreement on crucial points continue, with the goal of conducting the final vote quickly.”
The proposed amendments to the bill during this process are expected to directly affect the implementability of the law and its impact on the market.
Recently, there were reports of widespread support among Democrats for the proposal. If a sufficient majority is reached, following Senate approval, Trump could quickly finalize the signing process to legalize stablecoins. This would enable banks and other financial institutions to engage in stablecoin activities, indirectly injecting liquidity into cryptocurrency markets.
A decision on the GENIUS Act is anticipated soon. How the process unfolds, whether the bill will be implemented, and its impact on financial regulations are being closely monitored by industry representatives. This U.S. legislative initiative may also shape global digital asset regulations, necessitating vigilant observation of future developments.
