The cryptocurrency-friendly Stablecoin law called the “Genius Act” has long been expected to be approved in the US, but was rejected by the US Senate in the first week of May.
The Senate’s decision to halt progress in the genius law has been heavily criticised by the well-known figures and the cryptocurrency industry, but the US Senate may vote a new vote for the Stabble Coin bill in the near future.
Democrat Sen. Kirsten Gillibrand said the Stubcoin bill would remove provisions targeting Trump’s family involvement in the cryptocurrency industry, and that the Senate aims to pass a revised version by May 26th.
Speaking on the stands at the Crypto event, Gillibrand said that the language of genius law referring to Trump-related ventures such as Memecoins, Cryptocurrency Platforms, Stablecoins and Mining Companies has been removed.
“When a revised version of the law is announced, people have made a lot of progress and see a lot of very good improvements, like consumer protection, bankruptcy protection, ethics and more.”
Republican Sen. Cynthia Ramis, a supporter of Bitcoin, said she considers passing the Genius Act on May 26th, the American anniversary, a “fair goal.”
Most of what Trump does is illegal!
Gillibrand claimed that what US President Donald Trump did was illegal.
“Most of what President Trump is doing is already illegal and I think it’s illegal for him to issue Memecoin under current laws.
Launching Memecoin means offering to send money to anyone who wants to get closer to power. This is the most illegal thing possible.
“This bill does not address President Trump’s ethical issues. The true purpose of this bill is to regulate the entire stablecoin space.”
*This is not investment advice.
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