The U.S. Senate has passed the GENIUS Act aimed at establishing a regulatory framework for stablecoins, making it closer to enactment.
Passage of the GENIUS Act in the Senate
The U.S. Senate voted in favor of the GENIUS Act with amendments, achieving 68 votes in favor and 30 against. The bill, introduced by Senator Bill Hagerty (R-TN), will now move to the House of Representatives.
Support and Opposition to the Bill
The bill's approval comes after an initial failure. Hagerty stated: 'With this bill, the United States is one step closer to becoming the global leader in crypto.' However, support in the House remains uncertain, with concerns from Democrats regarding former President Trump's influence in the cryptocurrency sector.
Next Steps and Implications of the Bill
The GENIUS Act may face amendments in the House. Major U.S. corporations, including Apple and Google, are exploring the possibility of issuing their own tokens if clear regulatory frameworks are established. Treasury Secretary Scott Bessent indicated that stablecoins could grow into a $3.7 trillion market by the end of the decade if the bill is passed.
The passage of the GENIUS Act marks a significant step toward establishing a regulatory framework for stablecoins in the U.S. However, further discussions in the House could alter the fate of this legislation.
