WASHINGTON – The Senate submitted a draft law on the main cryptocurrency regulation on Monday, two parties after two weeks of every Democrat in the Senate is uniting to prevent it.
The procedural vote on the genius law-which would create the first regulatory framework for the Stablecoins Exporters, was the digital-related digital symbols such as the US dollar-66-32. Sixteen democratic voted with the majority of Republicans in the Senate to advance the bill. Two Republicans voted, Sens. Rand Paul of Kentucky and Jerry Moran from Kansas, against it.
The draft law needed to cross the 60 votes to advance to the final section of the Senate, where Republicans carry a majority of three seats.
Democratic support was opened to move forward in legislation after a group of SNS-SNS negotiators. Bill Hagerty, R-Cenn; Sinatia Lomes, R and Ur; Mark Warner, D-VA. ; Kirsten Gillbrand, DN.Y. ; AGELA ALSOBROKS, D-MD. ; Robin Galligo, Dr. Areez. – Agreement at the end of last week to amend the draft law that dealt with the main points of Democrats.
The amendment, which was distributed to Democratic negotiators during the weekend and obtained by NBC News, includes new changes to consumer protection guarantees and limits to technology companies that issue Stablecoins, and will provide ethics standards to private government employees – which will temporarily apply to Elon Musk and MenaFrenur David Sacks.
In exchange for voting on the amendment, Democrats participating in the negotiations said they committed to supporting the genius law even if the amendment failed, according to multiple sources familiar with the talks.
Republicans in the Senate were not obligated to support the amendment, but the updated changes will have more Democrats beyond the basic group participating in the negotiations.
The draft law struck a road barrier two weeks ago when Democrats prevented, along with two Republicans. Rand Paul of Kentucky and Josh Hawley from Missouri-the draft law of progress, demanding stronger security for national security and combating money laundering.
The majority leader of the Senate, John Thun, criticized RS.
“It is really difficult to understand the reason we need to wait an additional 11 days for the Democrats to finally agree to move,” said Thun.
The Trump family’s traditions with World Liberty Financial and President Donald Trump’s dinner for the best Mimi currency holders have sparked their interests among Democrats. (Meme coins differ from stable metal currencies, as they usually derive the value from the Internet culture rather than benefit or basic assets.) But there are no provisions in the negotiated amendment that prevents Trump and his family from continuing their encrypted projects.
the Bill It includes a ruling “prohibits any member of Congress or a senior executive official from the issuance of the Stablecoin product to pay during their time in public service.”
Some Democrats have argued that it should be stronger.
“The basic defects are still not tackled,” said Senator Elizabeth Warren, D-Mass, the highest democrats of the Banking Committee in the Senate Hall on Monday. “Congress should not choose to empower the terrible corruption of the president.”
Several Democrats in the Senate also presented draft laws targeting the Trump family’s encryption to prevent the president from obtaining deals.
For example, Senator Michael Bennett, D-COLO, plans to provide legislation called stable law, which would prevent elected officials and federal candidates from issuing or supporting digital assets, as an amendment to the law of genius.
Democrats are expected to impose votes on these bills this week, but they are unlikely to go anywhere in the room controlled by the Republican Party.
Senate minority leader Chuck Schumer, DN.Y. A call at the level of the gathering on Sunday night to discuss the law of genius. Warren expressed her concerns about the draft law during the call, according to someone who was aware of her comments.
While some Democrats, such as Warren, said they could not vote for the bill without the strongest provisions that limit Trump’s profit from digital assets, others, like Warner, have argued that Congress could no longer sit on the sidelines of the sophisticated cryptocurrency area.
“Many members of the Senate, including me, have very real concerns about the Trump family’s use of encryption techniques to evade supervision, hide mask financial transactions, and personal benefit at the expense of ordinary Americans,” Warner, who voted to strengthen the genius law.
“But we cannot allow this corruption to blindness on the broader reality: Blockchain technique is here to survive. If American lawmakers do not constitute this, others will do – and not in ways that serve our interests or democratic values.”
If the Senate eventually passes the law of the genius, its future is less clear in the House of Representatives, as there is a different bill to regulate Stablecoin. Crystate currency defenders argue that Congress must also issue legislation to determine the regulatory treatment of digital assets and securities digital assets.
“The winners, if Congress passes this bill, they are the Americans who want to make payments faster and easier to reach,” said Kara Calvert, Vice President of Public Policy at Coinbase, an encrypted currency exchange. “It is a transformative technique, so passing this bill is to win for them. It is not just a victory for the industry or political candidate.”
