The U.S. Senate is scheduled to vote on the GIG Act on June 30 at 9 a.m. local time. This vote could significantly affect stablecoin regulation.
Vote on the GIG Act
The U.S. Senate will hold an important vote on the GIG Act on June 30 at 9 a.m. local time. This decision will be significant for the future regulatory framework for stablecoins and could initiate major changes in market conditions.
Senators' Opinions
Senators Bill Hagerty and Elizabeth Warren have expressed their views on the proposed legislation. Hagerty supports stablecoin regulation, emphasizing the need to maintain U.S. competitiveness, while Warren opposes it, arguing it creates risks for the financial system. She stated, 'The bill poses a threat to the country’s financial system, national security and democracy... It permits stablecoin issuers to invest in risky assets and engage in risky activities like private credit or derivatives trading.'
Historical Regulation Examples
Historically, regulatory votes have often led to volatility in the cryptocurrency market. For instance, past legislative proposals have caused fluctuations in stablecoin market caps following Senate votes. Analysis from CoinMarketCap indicates that the current market cap of USDC is $61.68 billion with a 24-hour trading volume of $5.53 billion, showing a slight price decrease of 0.01% in the past 24 hours.
The vote on the GIG Act may play a crucial role in shaping the future of the stablecoin ecosystem in the U.S., and its implications are far from clear.
