The U.S. Senate is preparing for a final vote on the GENIUS Act, a significant piece of legislation regarding stablecoin regulation, scheduled for June 17.
Scheduled Vote on GENIUS Act
The U.S. Senate is set to hold a final vote on the GENIUS Act regarding stablecoin regulation on June 17. Key figures involved in negotiations include Senator Hagerty and Majority Leader Thune. The passage of this act could significantly impact stablecoin market stability and enhance investor confidence.
Varied Responses within the Community
Responses from stakeholders in the community regarding the GENIUS Act vary. Some welcome the legislation for providing greater clarity and protections, while others express concerns about potential over-regulation.
Historical Trends and Market Impact
The GENIUS Act follows the STABLE Act, which implemented stricter reserve requirements, reflecting historical regulatory trends for digital currencies. According to CoinMarketCap, Tether USDt (USDT) remains stable at $1.00, with a market cap of $155.24 billion and minimal price fluctuations recently. The Coincu research team suggests that the GENIUS Act could lead to increased regulatory oversight, stabilizing volatile market dynamics if fully enacted.
The forthcoming vote on the GENIUS Act represents a crucial step in shaping the future of cryptocurrency regulation, with potential implications for market stability and investor confidence.
