The bill was first defeated at Kroto after Democrats pulled their support, but they reversed the course after discussion. The bill could be handed over by the body.
WASHINGTON – The Senate on May 19 voted to advance a bill establishing regulations for the cryptocurrency industry a few days after the initial vote failed due to democratic opposition.
Guidelines and establishment of national innovation for the US Stablecoins (Genius) Act is a bill that seeks to impose restrictions on “Stablecoins,” a digital token whose value is fixed to another secure asset (US Department of the Treasury and other securities). Stablecoins are considered safer investments than other cryptocurrencies such as Bitcoin, making them attractive to large institutional investors such as pension funds, sovereign wealth funds, and wealthy family firms.
