The discussion surrounding the GENIUS Act for stablecoin regulation in the US Senate has attracted attention as representatives from both parties strive for consensus.
Current Status of the GENIUS Act
Currently, senators working on the bill aim to secure support from lawmakers by proposing critical amendments. This could expedite the legislative process by partially bypassing existing procedures.
Critiques and Amendment Requests
The push for consensus comes following criticisms of the legislation as being inadequate in regulatory measures. Meanwhile, financial sector representatives and some senators debate whether the act sufficiently covers security and transparency issues in the digital asset market. Senator Eleanor Terrett remarked, "Efforts to achieve agreement on crucial points continue, with the goal of conducting the final vote quickly."
Prospects and Possible Consequences
If sufficient support is reached among Democrats, the proposal could be approved quickly, allowing the President to finalize the signing process. This would enable banks and financial institutions to engage in stablecoin activities, potentially injecting liquidity into cryptocurrency markets. A decision on the GENIUS Act is expected soon, and its impact on financial regulations is closely monitored.
The GENIUS Act remains a focal point of attention, as its potential adoption could reshape stablecoin regulations and impact broader financial market aspects.
