Traders on the Polymarket platform predict an 89% chance of the stablecoin bill in the US, which could significantly impact crypto regulation.
Overview of Polymarket Prediction
Traders on Polymarket are indicating an 89% likelihood that the proposed stablecoin regulation bill, known as the GENIUS Act, will be passed in the US. Polymarket allows users to bet on the outcomes of future events. While not a guarantee, such a high percentage among informed traders indicates a strong belief in the prediction.
Key Provisions of the GENIUS Act
The GENIUS Act aims to establish clear regulatory frameworks for stablecoin issuers in the US. Here are its main provisions:
* **Licensing Requirements:** Issuers would be required to obtain specific licenses to operate. * **100% Reserves:** Issuers must maintain reserves equal to 100% of the value of the stablecoins they have issued. * **Audit Requirements:** For larger issuers with market capitalization of $50 billion or more, regular audits would be mandated. * **Regulation for Foreign Issuers:** Provisions for regulating foreign issuers serving US customers.
Current Status of the Bill
The GENIUS Act has already passed the final vote in the US Senate and is now awaiting a vote in the House of Representatives. If approved, the next step would be obtaining President Donald Trump's signature to officially enact it into law.
The Polymarket prediction of an 89% chance for the GENIUS Act underscores market expectations and potential changes in stablecoin regulation in the US. If passed, it would create clear frameworks for the industry and may impact the further integration of digital assets into the financial system.
