When the bank chair promotes “historic day,” the Senate passes major cryptography

The Senate passed guidance and establishment for the US stubcoin law on Tuesday. A groundbreaking cryptography We faced many hurdles before making it across the finish line of the upper chamber.

One of the bill’s biggest supporters is the Senate Banking Committee Chairman; Presidential candidate Tim ScottRs.C. led the bill through the committee with support from the Democrats. Scott said the Genius Act was “the first of its kind” after the bill passed the Senate in an exclusive interview with Fox News Digital.

“We are at the pinnacle of doing things that have never been done in the history of this country,” explained Scott. “This is more about democrats than Democrats and Republicans. This is about making sure that single mothers like the ones who raised me can really hope that this digital economy will actually cut costs and be able to use those dollars on other priorities.”

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R-Tenn. The bipartisan bill introduced by Senator Bill Hagerty of Democrats came across challenges along the road to the Senate floor after Democrats. Blocked the bill Early May. Senate majority leader John Tune R-South Dakota said it “wanted to deny Republicans, so he wondered if Democrats were just blocking them or if there were Democrats. President Trump“A bipartisan victory as of last month’s vote.”

An important element of this law is establishing a regulatory framework for payment stability. This is a signal that Congress and the federal government are taking the crypto industry more seriously.

Ministry of Finance Secretary Scott Bescent On Tuesday morning, he praised the law ahead of the legislation and promoted the Trump administration’s support for the crypto industry.

“Recent reporting project that Stablecoins can grow into a $3.7 trillion market by the end of the decade” Bessent Posted on x. “That scenario is more likely due to the passing of genius acts.”

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The bill now heads home and passes through the room below and gets caught up in the president’s desk. Sen. Tim Scott told Fox he was optimistic that the genius act would be signed into law by August.

“To get out of the Senate means we’ve done a job role, which I played the role I most controlled and hopefully celebrated across the nation,” Scott told Fox News Digital. “And the House will work to get a grasp of this process. I think we’ll see the president’s signature frankly and frankly by August.”

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Industry leaders also took the bill as he told Fox News Digital, president of the Solana Policy Institute and former Blockchain Association Kristin Smith that the law unlocks “risky possibilities” and former Blockchain association Kristin Smith.

“This genius law unlocks the great potential of more efficient payments and financial services and establishes clear rules for stubcoins,” explained Smith. “We look forward to the senators and their staff who have defended this important framework to us and our look forward to the prompt action at home to lead this to the finish line.”

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Although the House vote timeline remains unknown, Senator Scott and his enthusiasm for signing the act of genius to the law could play a role in the process.