According to Golden Finance citing Cointelegraph, the US Senate has confirmed that it will hold a final vote on the “GENIUS Act” on Tuesday, June 17. The specific time will be determined by the majority leader.
Previously, the Senate has taken a series of measures to advance the process of this bill. On June 9th, Senate Majority Leader and Republican John Thun said that he intends to vote to pass the bill within this week and called for the end of the debate surrounding the bill on the same day. The subsequent procedural vote is expected to be held as early as June 11th. In addition, Senate Majority Whip John Thune submitted a motion to end the debate on Amendment #2307, which is a key bipartisan alternative to the original bill (S.1582). If there are no procedural delays, the Senate is scheduled to hold a final vote on the amendment and basic legislation in the middle of this week. According to Senate rules, a 30-hour concentrated debate will commence after the motion to end the debate is passed.
The GENIUS bill aims to establish a regulatory framework for stablecoins “anchored” to the US dollar and is widely believed to help strengthen consumer protection and enhance the legitimacy of the cryptocurrency industry. The bill requires that tokens must be backed by liquid assets such as the US dollar or short-term bonds of the US government, and token issuers also need to disclose details of their token reserves on a monthly basis. If the bill is approved, according to the estimation of Standard Chartered Group of the UK, the relevant market size is expected to expand to 2 trillion US dollars by 2028.
During its implementation, the GENIUS Bill has also faced numerous controversies and challenges. Previously, in the first procedural vote on May 8th, the bill failed to obtain the required 60 votes of support and only received 49 votes in favor. After intensive consultations between the two parties and key revisions to the bill text, on May 19th, the GENIUS bill successfully passed the procedural vote with 66 votes in favor and 32 against. Despite this, Senate Democrats still have objections to some parts of the bill. Part of the reason is that they do not want to help the bill pass and thus allow President Donald Trump to gain political points on related issues. However, some Democrats are wavering in their attitude because the super political action Committee founded by cryptocurrency enterprises is financially strong and they are worried about losing its support.
The final voting result on June 17th will have a significant impact on the regulatory landscape of stablecoins in the United States, and all sectors are closely watching the final direction of this bill.
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