The signing of the GENIUS Act is a significant milestone for cryptocurrency regulation in the USA, expected to open new horizons for the digital asset industry.
Shift to Federal Cryptocurrency Regulation
Treasury Secretary Bessent hailed the signing of the GENIUS Act as a 'milestone achievement' for cryptocurrency regulation. The legislation, passed with bipartisan support in the US Congress, establishes a clear federal framework for digital assets, including key areas like stablecoins, custody, and market structure.
Market Optimism Following the Bill's Passage
Crypto markets rallied on news of the GENIUS Act's passage, with major digital currencies such as Bitcoin (BTC) and Ethereum (ETH) gaining momentum. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted that this move shapes investor sentiment in the crypto space.
Global Trend in Cryptocurrency Regulation
The GENIUS Act alongside similar initiatives represents a global effort to create boundaries for digital assets. Analysts suggest that the United States is aligning with regulatory efforts from other major economies, such as the EU's Markets in Crypto-Assets Regulation.
With the passage of the GENIUS Act, the USA reaffirms its commitment to creating clear and meaningful regulations for the cryptocurrency industry, which may lead to accelerated adoption of digital assets and strengthened investor confidence.
