Next week, the US Congress may pass a stablecoin bill that marks a significant step in the regulation of the cryptocurrency sector.
The GENIUS Act and Its Significance
The GENIUS Act aims to establish the first regulatory framework for stablecoins in the country. These digital tokens, linked to the dollar, may receive legal backing, potentially expanding their use in financial institutions.
House Votes
Voting on the bill is set to occur early next week. This could become the first major legislative success of the Trump administration in the crypto sector and has been agreed upon by Republicans aiming to maintain stability in this area.
The Future of Crypto Policy in the US
The adoption of this bill is expected to lead to further steps in cryptocurrency regulation, including a review of the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. A bill to prohibit the creation of a U.S. central bank digital currency will also be considered.
The passage of the GENIUS Act could significantly change the landscape of the crypto industry and lead to its broader acceptance and integration into traditional financial systems.
