The American Senate is about to decide on an unprecedented regulation of stablecoins. A key vote scheduled for Wednesday could indeed redefine the rules of the game for the entire crypto industry. We tell you more in the following paragraphs!
In short
- The American Senate will vote a historic law to supervise stablecoins and protect investors.
- The Genius Act imposes guarantees in dollars and annual audits on crypto asset issuers.
Genius Act: a regulatory turning point for the crypto sector
This Wednesday, the American Senate will meet to vote on the Genius Act. This Crypto Bipartisan bill could finally provide the stablecoins with a strict legal framework in the United States.
Supported by the Trump administration and by influential figures of the crypto sphere, this text aims to impose solid guarantees. Concretely, each stablecoin will have to be backed by US dollars or equivalent liquid assets.
The text Also predicts annual audits for crypto issuers whose capitalization exceeds $ 50 billion. Specific arrangements target foreign stable emitters. Indeed, the latter will have to prove their ability to comply with legislation (especially in the event of seizure of criminal assets).
The displayed objective is clear: to protect investors, while ensuring the domination of the dollar in the crypto universe.
Placed by the head of majority John Thune, the text has already taken a first step with 66 favorable votes last month. Which opens the way to This final legislative vote ! It requires 60 votes to be adopted.
Towards a Stablecoins revolution in the crypto ecosystem
For many analysts, this initiative marks a turning point for Crypto regulation in the United States. Matt Hougan, director at Bitwise, welcomes this progress for example. According to him, it would be the first real law on crypto-active.
For cryptographic market players, the law on stablecoins represents a strategic victory. If the law is adopted, it could even look like an international model. Even better! The market reaction could be immediate: a strong signal in favor of regulatory maturity of the crypto sector.
With this crucial vote, the US Senate could give the stablecoins the legal base that all the crypto industry expected. One more step towards global regulations! To follow …
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