The U.S. Senate has passed the GENIUS Act aimed at establishing a regulatory framework for digital assets and potential market growth.
Senate Approval of GENIUS Act
On June 18, the U.S. Senate approved the GENIUS Act, which could significantly impact the stablecoin market. Initiated by Senator Kirsten Gillibrand, the bill emphasizes the need for a legal framework for digital assets in the U.S. The bill now awaits approval in the House of Representatives.
Key Features and Projections
The GENIUS Act aims to establish a regulatory framework for stablecoins, promising enhanced consumer protection and innovation on the market. An eightfold growth in the U.S. stablecoin market is anticipated, potentially reaching $2 trillion.
> Kirsten Gillibrand: "The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar."
Historic Step in Digital Asset Regulation
The GENIUS Act marks the first significant federal effort in the area of digital asset regulation, overshadowing previous state initiatives and SEC actions, and positions the U.S. as a leader in crypto regulation. One affected stablecoin is USDC, which maintains a stable price of $1.00 with a market cap of around $61.49 billion.
The passing of the GENIUS Act is gradually changing the game for digital assets in the U.S. and may influence global financial dynamics.
