Tether’s free ride almost ended — Senate stalls bill that could have rocked DeFi
The post Tether’s free ride almost ended — Senate stalls bill that could have rocked DeFi appeared on BitcoinEthereumNews.com. Tether’s reign as the unregulated kingpin of stablecoins just got a fresh lease on life — courtesy of the U.S. Senate’s failure to pass the GENIUS Act. The cryptocurrency stablecoin almost ended its smooth business in the US, with several Senate Republicans and possibly some Democrats pushing to bring it under U.S. jurisdiction. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was far from radical. In fact, it was one of the more sensible crypto bills we’ve seen in years. Designed to bring transparency and accountability to stablecoin issuers, it laid out basic safeguards: licensing requirements, mandatory reserve disclosures, and federal oversight. Not exactly revolutionary, just responsible. Luckily for Tether, the Senate failed to advance a vote to initiate formal debate on the newly revised GENIUS Act. The revised GENIUS Act provisions raised questions among DeFi players If you’ve followed the digital asset space for more than five minutes, you know Tether is everywhere — powering most crypto trades, providing liquidity to DeFi, and even acting as a quasi-central bank for some offshore markets. Yet, Tether has long been criticized for its lack of transparency and murky reserve practices. This bill could have forced Tether and other issuers to play by clearer, safer rules. But instead, the Senate blinked. Originally introduced by Senator Bill Hagerty (R-TN) in February, the GENIUS) Act was co-sponsored by Chairman Tim Scott (R-SC) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY). After receiving bipartisan support, Hagerty’s legislation fell 48-49 on the Senate floor on Thursday Before the vote, Republican lawmakers revised the bill, adding a few provisions that some lawmakers claimed they had not read or reviewed beforehand. Some even claimed the Republicans rushed the vote on the legislation and even called off negotiations prematurely. These factors and sentiments affected the vote,…
The post Tether’s free ride almost ended — Senate stalls bill that could have rocked DeFi appeared on BitcoinEthereumNews.com.
Tether’s reign as the unregulated kingpin of stablecoins just got a fresh lease on life — courtesy of the U.S. Senate’s failure to pass the GENIUS Act. The cryptocurrency stablecoin almost ended its smooth business in the US, with several Senate Republicans and possibly some Democrats pushing to bring it under U.S. jurisdiction. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was far from radical. In fact, it was one of the more sensible crypto bills we’ve seen in years. Designed to bring transparency and accountability to stablecoin issuers, it laid out basic safeguards: licensing requirements, mandatory reserve disclosures, and federal oversight. Not exactly revolutionary, just responsible. Luckily for Tether, the Senate failed to advance a vote to initiate formal debate on the newly revised GENIUS Act. The revised GENIUS Act provisions raised questions among DeFi players If you’ve followed the digital asset space for more than five minutes, you know Tether is everywhere — powering most crypto trades, providing liquidity to DeFi, and even acting as a quasi-central bank for some offshore markets. Yet, Tether has long been criticized for its lack of transparency and murky reserve practices. This bill could have forced Tether and other issuers to play by clearer, safer rules. But instead, the Senate blinked. Originally introduced by Senator Bill Hagerty (R-TN) in February, the GENIUS) Act was co-sponsored by Chairman Tim Scott (R-SC) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY). After receiving bipartisan support, Hagerty’s legislation fell 48-49 on the Senate floor on Thursday Before the vote, Republican lawmakers revised the bill, adding a few provisions that some lawmakers claimed they had not read or reviewed beforehand. Some even claimed the Republicans rushed the vote on the legislation and even called off negotiations prematurely. These factors and sentiments affected the vote,…
What's Your Reaction?
