The US Senate has scheduled a final vote on the GENIUS Act, which focuses on stablecoin regulations, for June 17.
Preparation for GENIUS Act Vote
The US Senate is set to vote on the **GENIUS Stablecoin Act** on June 17, following a procedural vote on June 12. The bill aims to **regulate stablecoin issuance** in the United States, with a bipartisan support reflected in a **68-30 vote**.
Impact on Stablecoin Market
The GENIUS Act could affect **stablecoin issuers** with a market cap under $10 billion, potentially altering market dynamics. There is anticipation regarding how US-issued stablecoins like USDT, USDC, and DAI will react. The market is closely watching potential shifts in **DeFi protocol valuations** following the vote.
Legislative History on Stablecoins
Previous US legislative attempts to regulate stablecoins have led to market volatility. The progress of similar bills has historically prompted market adjustments in exposure to **stablecoins and governance tokens**. Market participants anticipate possible impacts on DeFi and Layer 1 protocols relying on dollar-based liquidity. If passed, the Act could bring significant changes to stablecoin market segmentation.
The upcoming vote on the GENIUS Act underscores the growing interest in stablecoins and their regulation, which may have serious implications for the financial sector amid changing legislative climates.
