The US is poised for significant updates in cryptocurrency regulation as the GENIUS and CLARITY bills may see a vote in Congress.
The GENIUS Bill and Its Significance
The GENIUS Bill represents the first serious step in providing a legal framework for dollar-pegged stablecoins. It passed through the Senate with a bipartisan vote of 68 to 30, emphasizing the need for federal protection for digital dollar issuers.
Trump's Support and Expectations for the CLARITY Bill
President Trump actively supports both bills, highlighting his administration's desire to create clearer regulatory guidelines for crypto investments. The CLARITY Bill, which aims to regulate the crypto market, is expected to be introduced before the August recess.
Current Situation in the Crypto Market
Amid legislative changes, the crypto market remains volatile. Bitcoin is edging closer to its recent all-time high, trading above $107,000, while the overall crypto market capitalization is around $3.28 trillion.
The potential passage of new laws in the US could significantly influence the current landscape of the cryptocurrency market and set new rules for participants.
