Supporters of the bill on regulation of Stablecouins in the United States Congress will probably take another vote on the provisions within a few days, not responding to fears about the financial connections of President Donald Trump with the cryptocurrency industry.
The management and establishment of national innovations for American Stablecouins or Genius Act did not get enough votes to pass the US Senate on May 8 among some democratic legislators in order to stop all regulations related to digital assets until the Republicans could not deal with the potential conflicts of Trump’s interest.
Directly after voting, some legislators from both parties suggested They could consider the bill again this week, but disagreeing with a double -sided path forward.
After the Genius Act did not continue voting 48 to 49 in the Senate, the leader of the majority John Thune submitted a request for reconsideration, establishing possible vote in this matter within a few days. The source knowing this case informed the Cointelegraph Republicans, who supported the law, unlikely to modify him to block Trump or any member of his administration before investing in digital assets, claiming that it went beyond the power of Congress within the constitution.
“[…] This delay is not by nature harmful, “said Liat Shetret, vice president for global policy and regulations at Blockchain Analytics Elliptic.” We can expect that the bill will return to the floor, with this pause giving both sides time to explain the provisions and solve the problems of legislators. “
Cedar Innovation Foundation, an organization associated with Fairshake Political Action Commission (PAC), issued a warning to the Senate management in order to “avoid political games” and adopting the Stablecoin Act “in the coming days”. Fairshake spent over $ 131 million to support candidates in the US elections in 2024, some of which are currently served in the Chamber and Senate. By 2026, there are more than 500 days when many members of the Congress are ready for re -election.
On May 12, the Senate resumed consideration of the application for consideration of the Genius Act, suggesting another voice.
Related: The Secretary of the Treasury of the United States expresses support for bills for cryptocurrencies during the hearing
Changes in Stablecoin accounts or market structure?
If the Republicans in the Senate re-introduced the law without any changes, it is not clear whether they would have sufficient support to spotless the 60-voice majority to avoid a democratic filibuster-prone delay or sometimes blocking voting on the act.
The connections of the Trump family with the World Liberty Financial and its Stablecoin cryptographic platform, 1 USD, raised potential concerns about corruption, as is the best owner of his Trump Memecoin. The chance to pay access to the president through an exclusive dinner and reception.
“[…] The Republican Act did nothing to deal with Trump’s conflict, and instead voted by Trump’s hand to write the principles over his and his competitors. ” he said Democratic representative of Maxine Waters in a statement of May 6. She blocked the interrogation to discuss the possible state of the digital assets market structure, citing fears regarding the “ownership of Trump cryptocurrencies.”
https://www.youtube.com/watch?v=sumyysrjvzm
Democratic legislators have already introduced possible solutions to what they called “the largest corruption scandal in the history of the White House” – with regulations in the Chamber and the Senate in order to shery members of the Congress, President, Vice President and their families from drawing memecoin profits. Senators Elizabeth Warren and Chris Van Hollen also apparently called The president to fully draw from 1 USD before concluding possible contracts with foreign rule.
Impartial organization state democracy defender of activities Reported In April, the cryptographic Trump’s farms were worth around $ 2.9 billion, which was 40% of its wealth. This report appeared before the launch of Stablecoin World Liberty Financial, about which the investment company based in Abu Dhabi said that it would employ an investment of $ 2 billion in Binance. Sons of Trump, Eric, Donald Trump Jr. And Barron, were listed as “Ambassadors of Web3” on the platform.
Warehouse: Trump’s crypto projects are raised by a conflict of interest, questions about trade in confidential information
