The U.S. Senate concluded a historic vote by passing the GENIUS Stablecoin Act, which establishes federal regulation for stablecoins.
Key Aspects of the GENIUS Act
The GENIUS Act, introduced by Senator Bill Hagerty and supported by Senator Tim Scott, provides a comprehensive regulatory framework for stablecoins. It received bipartisan support with 18 Democrats joining most Republicans.
Impact on the Stablecoin Market
Federal regulation affects the $250 billion stablecoin market, enhancing institutional confidence. The step is expected to influence prominent stablecoins like USDT, USDC, and DAI, as well as the DeFi ecosystem.
Statements and Comments
Senator Tim Scott stated: "Today is a bold step forward — not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty."
The passage of the GENIUS Act marks a significant advancement in stablecoin regulation in the U.S., which may lead to long-term growth and economic shifts in this sector.
