SEC Chairman Paul S. Atkins expressed support for the House of Representatives for passing the GENIUS Act, aimed at modernizing U.S. payment systems and positioning the U.S. as a leader in crypto innovation.
Importance of the GENIUS Act for the Crypto Industry
The GENIUS Act, spearheaded by Senator Bill Hagerty, targets creating a regulatory framework for payment stablecoins, which should enhance market efficiency and transparency. Atkins noted that the bill could represent a significant step towards improving the financial structure of the U.S.
Discussion and Support for the Bill in Congress
In his remarks, Atkins congratulated the House of Representatives on passing the bill, highlighting Congress's contribution to this important legislation. "I would like to congratulate the House of Representatives on passing the GENIUS Act and commend the work both the House and Senate put into this important legislation," said Atkins.
Future Implications for Financial Markets
The passage of the bill may lead to increased demand for U.S. Treasuries due to stablecoin collateralization. It is expected that the new regulatory environment will improve market clarity and risk protection, particularly for stablecoin issuers. Additionally, this could impact tokens associated with stablecoins, such as USDC, and alter dynamics within DeFi protocols.
The passage of the GENIUS Act marks a pivotal moment in the U.S. crypto regulatory landscape, with potential long-term implications for stablecoin frameworks and financial innovation.
