The US Senate has intensified its efforts to regulate cryptocurrencies by promoting the stablecoin bill known as the GENIUS Act. This step aims to create a clear regulatory framework for stablecoins in the country.
What is the GENIUS Act?
The GENIUS Act, led by Senator John Thune, represents an initiative to establish a comprehensive regulatory framework for stablecoins in the US. This bill emphasizes the need for the integration of cryptocurrencies into the traditional financial system and their recognition in society.
Key Figures and Senators' Opinions
In addition to John Thune, active participants in promoting this bill include Senators Tim Scott and Bill Hagerty, who backed its passage despite criticism from Senator Elizabeth Warren. Thune highlighted the importance of enacting this legislation, stating: > "It’s clear that cryptocurrency is here to stay. And it’s time that we bring it into the mainstream. Passing the GENIUS Act is a good first step."
Market Impact and Future Prospects
The bill will significantly impact stablecoins such as USDC and USDT, as well as DeFi protocols reliant on stablecoin liquidity. Institutional investors are expected to respond positively to the emergence of regulatory clarity, potentially leading to increased liquidity and trading volumes. The GENIUS Act may reboot the cryptocurrency sector, creating a more sustainable and integrated financial framework.
The GENIUS Act represents a crucial step towards integrating cryptocurrency into the traditional financial system. While the industry's overall reaction is positive, subsequent actions will determine the implications of its implementation, which could lead to significant changes in the financial market.
