Last week, a lot of the world focused on Iran and IsraelThe encryption hall was celebrating a great victory in Washington. “History is made”, Jeremy Aller, founder and president of Serkel, Stablecoin platform, books In X, shortly after the Senate vote through genius ACT, an invoice designed to facilitate the growth of digital currency, give it, and other encryption assets, sealing legitimacy.
Stablecoins, which is designed to keep a fixed value of one dollar, which makes it less volatile than regular cryptocurrencies such as Bitcoin and Ethereum, is currently present in a regulatory gray area, where the organizers dealt with each other, but not all, as basic papers subject to securities laws. Although companies such as Tether and Circle have invented Stablecoins that now have the maximum combined roof of more than two hundred and fifty billion dollars worldwide, major banks and other traditional financial institutions have remained largely from them, which were postponed due to organizational uncertainty and encryption connection to illegal transactions. the genius ACT (which symbolizes the direction and creation of the national innovation of the American Stablecoins Law) may change all this and bring the encryption to the prevailing financial system. He treats Stablecoins as a way to pay instead of securities, and creates a set of rules for its source to follow up, under the supervision of federal organizations and the United States.
The draft law was approved with the support of fifty Republics and eighteen democratic. Allaire said that the final passage of the law, which still has to pass through the House of Representatives, “will push us economic and national competitiveness for decades to come.” Republican Senator Bill Hajariti, from Tennessee, who sponsored the bill, made wide claims. But for many public interest groups, and the Democrats in the Senate who voted against the legislation, its progress through the Senate clarified the encoding power force, which is now a tremendous impact on the two sides of Pennsylvania Street. “the genius Mark Hayes, co -director of Crypto and Fintech in financial reform, a Washington -based group, said:
During the Biden administration, a number of encryption exchanges failed, and one of them has failed, Sam Bancan offeredI was convicted of eight charges of fraud and conspiracy. (He illegally transferred customer deposits to his hedge fund.) On the Securities and Exchange Committee, Gary Ginsler, the appointed president from Biden, said at that time that the encryption industry was “widespread with fraud and manipulation”, and his agent filed a lawsuit against some of its prominent companies, including Coinbase, the UNITED STATES exchange of UNITED CRYPTO. Last year, a survey from the Pew Research Center found that more than sixty percent of Americans had no little or non -confidence in the integrity of encryption as investment.
But, also in 2024, three super PileS spent a funding of the encryption industry, an estimated one hundred and fifty million dollars to elect the Carbouto candidates and defeat the skeptics of encryption, such as Sherud Brown, the great democratic Senator of Ohio. With a vote last week, Bartlet Nilor, a financial analyst in the consumer group, told me the public citizen. He added: “The financial contributions to the encryption sector have transformed some of the elected politicians into a supportive position, and Bejeezus was afraid of many others.”
Defenders genius ACT says that he will protect Stablecoins by asking exporters to adhere to a set of modified rules, which include maintaining the owners ’money in safe reserve assets, such as treasury bills and bank accounts; Publishing these reserves on a monthly basis; In the case of market value exporters for more than fifty billion dollars, publishing the decreased financial statements annually. The draft law also states that Stablecoin’s exporters should notice some money laundering laws, and that, if they enter bankruptcy, Stablecoins holders will have to claim their assets first. “The genius bill will guarantee that Stablecoin reserves are safe and boring, and that consumers will have a direct legal demand for basic assets.”
Critics of the draft law says that its protection is not going out enough. Hayes said: “It is a group of half of the measures that will create a regulatory station for the metables without removing the associated risks.” “In the draft law, we see this failure to learn from organizational errors in the past.” It compared it to the 2000 commodity futures update law, which apparently established a new regulatory framework for derivatives but the weakest supervision in the main areas-a failure that has become a patent during the global financial crisis 2007-2009. “We have seen this offer before,” he added.
Senate legislation contains a clause of conflicts between interests “prohibits any member of Congress or a senior executive official from the issuance of the Stablecoin product to pay during the public service period.” However, legal experts say this restriction, such as other morals, will not apply to the president or vice president, which is a distant exemption. In March, World Liberty Financial, a trick -owned start -up company, announced that it will export a new Stablecoin, USD1. Since the Trump family is now a player in Stablecoins, it is likely to benefit a lot from expanding its use. (The maximum market of $ 1 is already about 2.2 billion dollars.) “If the bill passes this full Congress, it is definitely possible that Stablecoin from Trump will become one of the dominant parts of the ecosystem for encryption, which will be a very reward for it,” said Hayes.
The Trump family’s efforts to enrich itself by issuing the Mimi currency “$ Trump” receive A great deal of attention. (Earlier this month, Forbes Reporter Dan Alexander estimated TROMP distances for TROMP may be worth more than three hundred million dollars.) Critics say that Trump-owned Stablecooin creates new possibilities for the parties concerned to transfer money to him and his companies. At early last month, one of the founders of the World Liberty Financial said that the new Stablecoin would be used in an investment of two million dollars that was an entity linked to the United Arab Emirates government made in Beans, the best exchange of encryption in the world. The founder of the company, Changpeng Zhao, was sentenced to four months in prison last April, after he admitted that he was guilty of money laundering violations, and is said to be seeking a presidential amnesty. At the end of May this year, the Supreme Education Council announced that it rejects a civil lawsuit against Binance.
