Washington (AP) – Senate is expected to approve the legislation on Tuesday, which will regulate the form of cryptocurrency, known as Stablcoin, the first of what is expected to be a wave of crying Congress that the industry hopes that its legitimacy will intensify.
Fast legislation that will be sent to the House for potential revisions goes on the heel of the company 2024 its growing influence in Washington and beyond.
Eighteen Democratic senators They demonstrated the support of the legislation that has advanced, going with the Republican majority in the Senate 53-47. If this is accepted, it will become the second major bilateral bill that has advanced through the Senate this year after The act of Laken Riley on immigration issues in January.
However, most Democrats oppose the bill. They expressed concern that this measure is little concerning President Donald Trump’s personal financial interests in Krypto.
“We couldn’t turn on everything we would like, but it was a good two-party effort,” Senator Angela Alsabrox said on Monday. She added: “This is an unregulated area that will now be regulated.”
The bill, known as the brilliant act, sets the fences and protection of consumers for stabilities, the type of cryptocurrency is usually tied to the US dollar. The abbreviation is deciphering as “guidance and establishing national innovations for us stable.”
It is expected that it will be held on Tuesday, as it only requires a simple vote-and last week it has already cleared its largest procedural obstacle in 68-30 votes. But the bill faced more resistance than originally expected.
The bill has a provision that it prohibits the members of the congress and their families to profit from the stabils. But this prohibition does not apply to the president and his family, even if Trump creates a Cryptus from the White House.
Last month, Trump held a private dinner at his golf club in Virginia with leading investors in a coin with a Trump brand. His family takes a significant share in World Liberty FinancialCrypto -project that launched its own stablecoin, USD1.
Trump said he earned $ 57.35 million from token sales in World Liberty Financial in 2024, according to a state financial disclosure published on Friday. The coin associated with it has caused approximately $ 320 million, although the profit is divided among several investors.
The administration generally supports the growth of the crystand and its integration into the economy. Last week, the Treasury Secretary Scott Igent said the legislation could help push the US market of stable coins up to $ 2 trillion by the end of 2028.
Brian Armstrong, CEO of Coinbase – the largest exchange of crypto and the main supporter of the bill – met with Trump and praised his early steps on the cry. Last weekend Coinbase was one of the most famous brands that sponsored the parade in Washington, commemorating the 250th anniversary of the army -an event that coincided with Trump’s 79th birthday.
But Krypto -Industria emphasizes that they view the legislative efforts as bipoals, pointing to the champions on each side of the passage.
“The Genius Law will become the most significant legislation on digital assets, which if the US Senate adopted,” said the Senate Banking Committee chairman Tim Scott, Rs.c., on the eve of the key vote last week. “This is a product of two -party work.”
In early May, the bill hit one rough patch when the Senate Democrats block previously supported the bill and voted to block it for promotion. This has provoked new negotiations with the participation of the Senate -Republican, Democrats and the White House, who eventually created a compromise version that is expected to win the passage on Tuesday.
“There were a lot of change.
However, the bill leaves unresolved problems about the presidential conflicts – a problem that remains a source of tension in a democratic tower.
Senator Elizabeth Warren, Mass, was one of the most open members of the Senate Banking Committee, warning that the bill creates a “super highway” for Trump’s corruption. She also warned that the bill would allow large technology companies such as Amazon and Meta to launch their own stable.
If on Tuesday, the legislation of Stabekain is held in the Senate, he still threatens several obstacles before reaching the canteen. It should clear the narrowly conducted national majority in the ward, where lawmakers can try to apply a broader bill on market structure – broad legislation that can make the passage through the Senate more complicated.
Trump said he wants the legislation on stable legislation on his desk before Congress is broken for his August break, now just under 50 days.
