The GENIUS Act: A Major Step Towards Stablecoin Regulation in the U.S.
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White House’s AI and Crypto Czar Champions Stablecoin Legislation
David Sacks, the White House’s AI and Crypto Czar, has expressed confidence in the progress of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. With renewed momentum and bipartisan backing, the Trump administration is optimistic about the bill’s advancement in the Senate.
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Unlocking Trillions Through Stablecoin Regulation
In a recent interview with CNBC, Sacks conveyed optimism about the GENIUS Act’s chances of passing, highlighting the significant bipartisan support it garnered during the cloture motion on Monday. The legislation had previously faced a setback, failing to achieve the necessary 60 votes due to Democratic reservations. However, recent bipartisan efforts have revitalized the bill, culminating in a 66-vote approval from 15 Democratic senators.
Sacks emphasized the potential of stablecoins to revolutionize the U.S. payment system, offering a more efficient and cost-effective alternative. He noted the substantial $200 billion worth of stablecoins already in circulation, suggesting that regulatory clarity could exponentially increase this figure, potentially generating trillions in demand for U.S. Treasuries.
The GENIUS Act: Preparing for Further Amendments
The Senate recently passed a motion enabling formal debate on the GENIUS Act with a 69-31 vote, paving the way for amendments to address outstanding concerns from both parties. Initial versions of the bill faced criticism for lacking essential Anti-Money Laundering (AML) provisions and adequate national security measures. Concerns about the potential for market exploitation and the omission of crucial safeguards led to further revisions.
Senator Elizabeth Warren has been vocal about her apprehensions, alleging that the bill could exacerbate crypto-related issues. Despite these challenges, ongoing negotiations aim to refine the legislation, incorporating necessary crypto ethics and AML enhancements.
Meanwhile, Republican Senator Roger Marshall proposed an amendment to control credit card interchange fees and require banks to support multiple networks for transaction processing. However, this suggestion has met resistance, as Senator Thom Tillis warned against attaching the Credit Card Competition Act (CCCA) to the stablecoin legislation.
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