Critical Days for Cryptocurrencies: Related to the Cryptocurrency Law that Will Change Everything in the USA!

According to Crypto journalist Eleanor Terrett, the GENIUS stablecoin bill supported by two parties may be put to a vote in the US Senate this week.

The sponsors of the bill are working on a consensus agreement that would allow the amendments to be voted on separately, without the need for a comprehensive voting process in order to expedite the process. If an agreement is reached, the bill could pass this week; otherwise, the voting may be postponed to next week.

The Senate is expected to officially begin its proceedings today with the voting of one of Trump administration's Defense Secretary nominees. However, the main focus will be on the negotiations behind the stablecoin legislation known as the GENIUS Act. Republicans hope that this legislation will pass the Senate this week.

There are expected provisions to be added to the Bill

In addition to the regulations on stablecoins that the two parties have agreed upon, there are plans to include some important changes in the bill.

New disclosure requirements for government officials were proposed by Democratic Senator Adam Schiff.

The ban on Chinese and other foreign competitors owning firms that issue stablecoins is supported by Republican Senator Tommy Tuberville.

Reforms in the Banking Privacy Act and anti-money laundering regulations were proposed by Republican Senator Mike Lee.

It is expected that Elizabeth Warren, a leading Democrat on the Senate Banking Committee, will also propose some amendments.

One of the focal points of the debates is the Credit Card Competition Act, which aims to increase competition in the credit card sector and is vehemently opposed by banks and payment networks. This bill was introduced by Senators Roger Marshall and Dick Durbin. Marshall's request for a vote on this regulation could jeopardize the GENIUS bill. Senator Thom Tillis announced that he would withdraw his support for the GENIUS bill if this regulation is added to the package.

If an agreement is reached between the parties, the Senate can proceed quickly. Following votes and limited discussions, the law could be accepted by the end of this week. However, if an agreement cannot be reached, the voting process may be delayed by procedural obstacles into the week of June 9.

*This is not investment advice.

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