Donald Trump Had Given Instructions: There Is a New Development Regarding the US Cryptocurrency Law!

The U.S. Senate approved an important step to advance the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act, which includes stablecoin regulations, with a vote of 68 to 30. In today's vote, the Senate initiated the "cloture" procedure necessary for the bill to be discussed in further stages.

The Chairman of the Senate Banking Committee and one of the co-sponsors of the bill, Republican Senator Tim Scott, stated that this development is a significant win in terms of both innovation and national security. Scott said, "This development did not happen by chance. We have shown leadership. We are giving the strongest response to those who say Washington cannot take action and to those who believe that the two parties cannot work together."

The proposal mandates that stablecoin issuers fully back the assets they issue with US dollars or similar liquid assets. Additionally, it introduces an annual audit requirement for issuers with a market capitalization of over 50 billion dollars and includes regulatory provisions for foreign-based issuers.

Advisors to President Donald Trump also announced their support for the bill in an official statement made on Monday. Trump had indicated that he wanted the stablecoin legislation to be presented for signature before August. In the White House statement, it was said, "If the S.1582 bill is presented to the President in its current form, senior advisors will recommend that he sign the legislation."

The cloture vote in the Senate paves the way for the final vote to take place on Monday. However, if an agreement is reached between Democratic and Republican leadership regarding time constraints, the vote could be held earlier.

*It is not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel for exclusive news, analyses, and on-chain data! Also, download our Android and IOS Apps to start live price tracking immediately!