Cryptocurrency users have become more active in prediction markets following significant advances in U.S. stablecoin regulation. With support from former President Donald Trump, the GENIUS bill is gaining traction.
Optimism Surrounding the GENIUS Bill
On June 19, the decentralized prediction platform Polymarket reflected soaring optimism for the GENIUS Act, with odds of it becoming law reaching 89%. This surge in betting activity was triggered by the Senate voting 68-30 in favor of the bill on June 17, sending it to the House of Representatives for further consideration.
Trump’s Support and Its Implications
Trump fueled the legislative push by calling for the bill to be sent to 'his desk,' pledging to sign it without amendments if it reaches him swiftly. While his comments energized Republican lawmakers, uncertainty remains whether the House will pass the legislation in its current form or introduce changes.
Future of Digital Payments in the U.S.
If passed, the GENIUS Act could unlock a new era of digital payments in the U.S., enabling domestic companies to launch their stablecoins for transactions. The House is also preparing to vote on the CLARITY Act, which would establish a comprehensive regulatory framework for the broader crypto market.
The increase in activity on prediction markets like Polymarket reflects high expectations among cryptocurrency users, although such platforms serve more as sentiment gauges than reliable indicators of legislative outcomes.
