Following the bipartisan approval of the GENIUS Act by the Senate Banking Committee, Bo Hines hinted at the potential signing of the stablecoin bill soon.
Stablecoins: A Priority for the US
At the Digital Asset Summit in New York, Hines emphasized the importance of stablecoin regulation following the approval of the GENIUS Act. He mentioned the US government's commitment to maintaining the dollar's dominance and continued prioritization of stablecoins in its regulatory agenda.
Senate Progress: Advancing the Bill
Last week, the Senate Banking Committee voted to advance the stablecoin bill to the full Senate. Senator Elizabeth Warren's proposals, including limiting stablecoin issuance to banking institutions, were not included. Warren expressed concerns that the bill, without changes, would facilitate terrorism financing and sanctions evasion.
Stablecoin Market Nears Bull Cycle
Amid these regulatory changes, the stablecoin market is witnessing a slight rally. The supplies of leading stablecoins like Tether and USDC have significantly increased.
Amid strengthening regulations and rising volumes, the stablecoin market might enter a new development phase if the bill is adopted and signed in the coming months.
