The stablecoin bill is gaining traction with bipartisan support and may significantly impact the US cryptocurrency industry.
Stablecoin Bill Review
The Financial Services Committee is set to review the stablecoin bill on April 2. This highlights the growing influence of the cryptocurrency industry in Washington, bolstered by bipartisan figures like Senator Kirsten Gillibrand.
Support and Opposition
The GENIUS Act, introduced by Senators Bill Hagerty and Tim Scott, has garnered both Republican and Democratic support. However, figures like Maxine Waters and Elizabeth Warren express concerns about insufficient consumer protection.
Impact on Issuers and Market
If approved, stablecoin issuers can choose between federal or state charters. However, companies like Elon Musk's X or Meta Platforms Inc.'s Facebook may be restricted from issuing their own stablecoins.
Regulating stablecoins could strengthen the dollar and improve payment systems, but sparks debate over consumer protection and uninsured user risks.
