US Senate Banking Committee. This initiative takes an important step towards promulgating it as federal law.
Genius Law announced by Senators Bill Hagerty, Tim Scott, Kirsten Gillbrand and Senators Cynthia Ramis He has achieved an astonishing impulse in Congress. In fact, the explained political environment in the federal government is driving that progress.
As reported by Cryptonoticias, the Banking Committee approved the project with 18 votes and six votes in favor. During the debate, the Democratic Party’s proposal to amend is rejected.
Republican senators defended the initiative. They assured it was positive and necessary. They also recalled previous bipartisan consultations. “We’ve worked day and night to achieve that, even on weekends,” said Tim Scott, a Republican from South Carolina and committee member.
New regulations are still heading for publicisation, Establish certain restrictions on Stablecoins Issing Companies; Among them, Tether Limited, USD Tether Station (USDT), and Circle, USD Coin (USDC) have products with market capitalizations of over USD 100 million.
Among those means, The Treasury Secretary has permitted stablecoins’ suspicious transactions. According to the document, publishers must implement a mechanism to stop the transfer into potentially illegal activities.
Section 8 of Genius Law provides detailed information on the regulations regarding trade freezes. Only entities that comply with certain regulations can protect a stubcoin or its private key. Although the freeze is not explicitly mentioned in the paragraph, Opposing against violations of the law is related to the powers of regulators.
These actions include measures against solvency or legal violations. The procedures are organized into the Supervisory Section. Indirectly, This covers the ability to pause operations.
In general, measures fall under “stable emissions.” These are defined as registered or approved under federal regulations. In addition to freezing, the law requires that stub coin Backed by current assetsamong them the effective deposits and bonds of the US government.
Regulations also require monthly reports to be issued. Details the fluidity and composition of reserves.
Meanwhile, the project has established restrictive measures for the companies behind these cryptocurrencies. Among them, you need a CUmploy with money laundering standards Large Transaction Knowledge Client (KYC) Procedure.
On the other hand, the publisher must have a system that allows freezing operations under federal supervision. This authority is part of a broader regulatory approach; Because we are trying to ensure the safety and solidity of our Stablecoins system In the US.
Stablecoins are growing in use and size. USDT and USDC are market-leading, with capital letters of USD143,000 million and USD58.3 billion, respectively. Integration into global transactions It is raising concerns among regulators And the possibility of illegal activities motivated these measures. Transaction Freeze is trying to mitigate risk. At the same time, it aims to maintain stability in the financial system.
The future of genius law depends on its legislative procedures. That final approval would establish a precedent in the US. They are under clear rulesas defended by the Donald Trump government, we will review approaches to adopting these cryptocurrencies to protect and increase the US dollar.
(tagstotranslate) Cryptocurrencies
