The U.S. Senate has passed the GENIUS Act aimed at regulating stablecoins. This event has led to market growth and an increased interest in cryptocurrencies.
Passage of the GENIUS Act
The U.S. Senate has approved the GENIUS Act for stablecoin regulation with bipartisan support. The vote passed 65–32, aiming to establish robust oversight for stablecoin issuers with unified standards at both federal and state levels.
Expert Reactions
Key figures like Michael Novogratz from Galaxy Digital expressed optimism regarding the bill's passage. He stated, "It’s the shift of approach from the Trump administration, which has embraced our industry. That freed up the animal spirits both here and abroad."
Impact on the Cryptocurrency Market
BTC surged to an all-time high due to rising optimism surrounding legislative clarity and increased demand for crypto assets. Analysts suggest that clearer regulations could attract traditional institutions, marking a pivotal moment for the cryptocurrency market.
The passage of the GENIUS Act may play a key role in the future of stablecoins and the entire cryptocurrency market, enhancing trust among investors and participants.
