The U.S. Senate has taken a significant step by approving the GENIUS Act, which may change the regulatory landscape for stablecoins.
Approval of the GENIUS Act
The GENIUS Act passed with a 66-32 vote in the U.S. Senate, highlighting a notable shift in sentiment, particularly as 16 Democratic senators reversed their opposition to support the bill.
Changes in Stablecoin Market
New restrictions introduced in the GENIUS Act will limit interest payments and enhance regulatory oversight over stablecoin issuance by non-financial entities, aiming to increase market stability.
Industry Reactions and Predictions
The industry response to the bill has been positive. Experts such as Matt Hougan from Bitwise highlight that the legislation could mark the beginning of a multi-year bull market and suggest that comprehensive U.S. crypto legislation may emerge this summer.
The approval of the GENIUS Act opens new prospects for stablecoins and crypto investors, potentially increasing market confidence.
