White House AI and Crypto Tsar David Sacks said the Trump administration has restored Senate momentum and bipartisan support for our guidance and building national innovation for the United States’ stable national innovation (GENIUS).
Stable regulations unlock trillions of dollars
On Wednesday, Trump’s Crypto Tsar told CNBC that their progress towards genius behavior was positive, confirming that they “have an expectation now and will pass now” as Stabrecaine legislation passed Monday’s inventory motion and received “double support.”
After a failed procedural vote conducted two weeks ago, the Genius Act faced a second inventory motion at the start of the week, with only 49 of the 60 votes required to conduct an open debate.
As Bitcoiners reported, the bill sponsored by Republican Senator Bill Hagerty failed to pass Democratic concerns and failed to pass a motion for inventory, which led several members, including two Republican senators, to withdraw their support before the vote.
But the legislation resumed momentum last week, with bipartisan efforts trying to restore the bill before Memorial Day adjournment. Monday’s process had 15 Democratic senators voted 66 votes.
In the interview, Sachs confirmed that “Stablecoins offers a new, more efficient, cheaper, and smoother payment system – a new payment track for the U.S. economy”, which increases the chances of the bill passing the next legislative stage. “This also expands the dominance of the online dollar,” he added.
He noted that despite being unregulated, the industry already has more than $200 billion in Stablecoins, which could indicate that clear regulations could significantly increase the market.
“If we provide legal clarity and legal framework for this, I think we can create trillions of dollars in demand for our treasury almost overnight,” Sax confirmed.
The Genius Act prepares for the revision process
On Wednesday, the senators also voted to pass a motion to conduct a formal debate on the Genius Act by 69 to 31. Now, the bill is being amended to address key issues for both sides.
It is worth noting that the bill has various amendments to address concerns among Democratic senators, including stricter requirements for stable issuers and stable issuers (AML) regulations (AML) regulations before the first inventory vote.
But ten senators, including four Democrats who previously supported the bill, criticized the first revised version of the legislation, suggesting that the draft omit basic AML and national security guarantees and enacts ambiguous regulations that could make cryptocurrency market exploitation.
Similarly, Senator Elizabeth Warren raised concerns about the president’s cryptocurrency adventure and urged Congress to reject the bill, claiming it could pave the way for so-called “crypto corruption.”
Despite more amendments last week, Democrats released an analysis of a new version of the legislation, saying “many new changes are fig leaves because it endangers major flaws in consumer protection and national security” and that “the current draft paves the way for more Trump crypto corruption.”
The White House Crypto Tsar did not answer CNBC’s concerns with Senate Democrats about the bill’s safeguards to prevent presidential families from profiting from Stablecoin legislation. However, legislators are expected to continue to look at changes in cryptocurrency ethics regulations and AML language in the process.
As CNBC pointed out, Republican Senator Roger Marshall applied to add a “poison” amendment that would control the price of credit card swap fees and require banks to support multiple network options for processing transactions.
Nevertheless, the potential amendment faces a rebound as Senator Thom Tillis warns that if the Credit Card Competition Act (CCCA) is attached to Stablecoin legislation, he will withdraw his support for the Genius Act.
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