The GENIUS Act, concerning stablecoin regulation, awaits a key vote in the US Congress. Its passage could significantly impact the crypto industry.
Senate Passage of the Bill
The US Senate voted 68-30 in favor of the GENIUS Act, allowing it to move to the next stage — the House of Representatives. The bill aims to establish rules for stablecoin regulation, marking a significant step for the crypto industry.
Expert Opinions on the GENIUS Act
Industry representatives express optimism regarding the bill. Coinbase Chief Legal Officer Paul Grewal highlighted its potential for providing regulatory clarity. However, critics, including Senator Elizabeth Warren, voice concerns about inadequate safeguards and possible conflicts of interest, particularly regarding privileges for officials.
Potential Impact on the Global Financial System
The GENIUS Act proposes an oversight system for stablecoins, which may positively affect the dollar in the digital economy. If enacted, dollar-linked stablecoins could gain greater legitimacy, potentially strengthening the currency's position as a global financial instrument.
Given the support from the administration and industry optimism, the GENIUS Act could reshape the landscape for stablecoins and impact the future of crypto asset regulation in the United States.
