The historic legislation of Stablecoin, the genius law, could be on Trump’s desktop for the end of the week.
The key legislation of Stablecoin finally obtained a procedural green light, but without support from the Democrats. On Wednesday, July 16, the United States Representatives Chamber voted 215–211 to advance the Genius Law. If the law passes in the next vote, it could reach the desk of President Donald Trump before the end of the week.
Together with Stablecoins legislation, legislators also agreed to promote the law of clarity of the digital asset market. The so -called clarity law would introduce an integral framework for the regulation of digital assets. Specifically, it describes the jurisdictions between the stock exchange and securities commission and the Basic Products Trade Commission.
The procedural bill, which allowed the debate on the legislation to proceed, obtained the support of the Republican representatives after resolving the internal disagreements. Before the vote, President Donald Trump declared that key legislators had agreed to support the bill. However, not a single Democratic representative supported the motion to proceed.
Republicans block Genesis Law on CBDCS
At the beginning of the week, legislators blocked the Genius law and the clarity law in a 196-223 vote, largely due to divisions within the republican field. In particular, the members of the Freedom Caucus of the Chamber, including Marjorie Taylor Greene, Chip Roy and Michael Cloud, voted against the bill.
Representative Greene expressed a particular concern for Genius law. She declared that the act could allow the creation of a national stable, which could serve as a digital currency of the Central Bank. Specifically, she cited concerns about digital freedom and surveillance as the reason why CBDC should not be allowed in the United States.
Greene declared that unless the genius law directly prohibited CBDC, would not vote for it. Even so, the Chamber is also advancing in the Law of the State of Anti-CBDC surveillance, which directly prohibits the United States government issuing programmable money.
