On Tuesday, the US Senate passed the GENIUS Act, aimed at setting clear standards for stablecoin issuers in the country.
Key Objectives of the GENIUS Act
The GENIUS Act, which was adopted by the Senate on June 17 with a vote of 68 to 30, aims to establish rules for stablecoin collateralization and enforce compliance with Anti-Money Laundering laws. This represents the first major cryptocurrency legislation passed by the Senate.
Industry Leaders' Opinions
Ripple CEO Brad Garlinghouse commented on the legislation’s passage, calling it a historic moment. He noted that the crypto industry has long been calling for clear regulatory guidelines, emphasizing that this is the first significant financial bill since the Dodd-Frank Act in 2010.
Outlook for the Stablecoin Market
Meanwhile, US Secretary Scott Bessent suggested that with the passage of the GENIUS Act, the stablecoin market could evolve into a $3.7 trillion market by the end of this decade, highlighting the bill's importance for the future of cryptocurrency development in the US.
The passage of the GENIUS Act marks a significant step in creating a legal framework for stablecoins in the US, which may impact the broader cryptocurrency market in the future.
