The Senate Committee takes the draft law of first digital assets, reforming Debanking

The Senate Banking Committee advanced on the first Thursday at all Digital assets An invoice from the committee, as well as a procedure aimed at preventing financial institutions from using reputation risks as a means of Debanking customers.

“We are enthusiastic about the historical nature of this coding, and we are also excited that Democrats and Republicans work together to give the democratic character to this economy to get a return from the blue collars that I was working on,” Tim ScottI told RS.C. Fox Business in an interview before the session.

The first draft law that the committee, known as the directive and creation of the national innovation of the United States Law (Genius) was presented, was presented by SNS. Bill Hagerty, R-Cenn. ; Kirsten Gillbrand, DN.Y. ; Sinatia Lomes, R and Ur; And Angela Ansobrooks, D-MD.

Scott said: “The genius law is legislation from the two parties that I think can reach the president’s office and become a law. The parameters will define a light touch on the organizational framework of Stablecoins.” He added that it is likely that the road to the later of the larger digital assets structure is paved.

Tim Scott provides a draft Senate Law to address Debanking on “reputation risks”

“I think that if you look at the horizon, this will be a legislation in the market structure that follows it quickly,” Scott said. “The market structure will be a more complicated chance for us to set the parameters. This is not the throwing of the ball, but it is a ten -feet shot.”

The genius law aims to create a file The organizational framework For a dollar resistant stablecoins. Stablecoin’s batch will be determined as a digital origin used for payment or settlement linked to a fixed cash value. It will also create procedures for companies that seek to obtain licenses to issue Stablecoins, as well as reserve requirements and regulatory standards for exporters.

For exporters over $ 10 billion in stablecoins, they will be under Federal Reserve The organizational framework for deposit companies and currency framework monitors for non -banking exporters. Countries will also be declared to organize exporters less than 10 billion dollars in the market value, and companies around this threshold can strive to relinquish organized survival.

The Senate Banking Committee submitted the Genius Act of a Parties ’Vote 18-6. Democrats who supported this procedure was Sens. Mark Warner from Virginia, Andy Kim from New Jersey, Robin Galigo from Arizona, Alecoprix in Maryland and Litza Blant Rothsters of Delaware.

The Senate Banking Committee hears Debanking: “Very annoying”

the Senate Banking Committee The Debanking Bill known as the Financial Integrity Management Law and Reputation Management Law. It was presented by Scott and CosPonsored by all Republican members of the committee.

The bill will lead to the abolition of signals to the risk of reputation as a measure used to determine the safety and safety of the financial institution. Reputation risks have been used to photograph digital assets companies, in addition to other unprecedented companies such as those in Fire weapons industry Or hashish companies in states with legal marijuana.

It will also remove the ability of federal banking agencies to advance the new rules or guidance using reputation risks to regulate financial institutions, and these agencies are required to submit reports to Congress on eliminating the risk of reputation in supervising banks.

The company’s law submitted a party 13-11 vote.

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“The Democrats took their time to walk to the table on this one,” Scott said, adding that while the draft law began with Republican support only, it is expected to be, “in the end it will be legislation from the two parties.”

Scott said: “The good news is that the issue of Debanking started in echo because the elections have the consequences and arrangements of one of the consequences of these past elections are that they put light on the fingerprint weapon and the organizers.”

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“This calls for a carpet Biden Administration And the Democrats they supported. Therefore, they are looking for an opportunity to separate themselves from the past and from the Biden administration weapon against the government against people who do not like them and against the industries they do not agree with. ”

“This is an opportunity for my friends on the other side, so to speak, to come to the table. Let’s make this legislation from the two parties and make only good instinct.”