The concluded Crypto Week was marked by the passing of the GENIUS Act, paving the way for new horizons in the cryptocurrency market, especially in decentralized finance.
The Passage of the GENIUS Act as a New Phase
The GENIUS Act was passed with a significant number of votes in the House of Representatives, representing a major step toward the formal recognition of crypto assets. It establishes that not all crypto assets are securities, providing developers, investors, and financial institutions with greater legal opportunities to operate. Leo Fan, co-founder of Cysic, noted, 'Legal clarity is just a starting point, not an endpoint.'
Support for Decentralized Finance (DeFi)
According to Altan Tutar, co-founder and CEO of MoreMarkets, the GENIUS Act creates a foundation for the adoption of decentralized finance, stating, 'It's the best sign yet that DeFi is here to stay.' He also noted that the legislation will drive tokenization of traditional assets such as gold and oil, expanding DeFi into new markets.
The Need for Infrastructure Development
However, according to Will K, CEO of VOOI, regulation alone isn’t enough. He emphasized the need for improved infrastructure and enhanced user experience for cryptocurrency to become a global financial standard. 'The industry needs to stop building for crypto natives and start building for everyone else,' he warned.
The passage of the GENIUS Act is a crucial step forward for the cryptocurrency market, ensuring legal clarity and opening up opportunities for the further development of decentralized finance. Nevertheless, developing infrastructure and making technologies more accessible to the broader audience is essential for real change.
