The U.S. Senate has passed a significant stablecoin bill that, according to President Donald Trump, will strengthen the country's position in the digital asset market.
Senate Approval and Its Significance
The U.S. Senate approved the stablecoin bill with a 68-30 vote. President Trump described the decision as 'pure genius', emphasizing that it will help the U.S. establish leadership in the digital asset sector.
Details of the GENIUS Act
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) proposes the establishment of federal regulation for dollar-backed stablecoins. It mandates issuers to disclose reserve compositions on a monthly basis.
Impact on the Digital Asset Market
Trump noted that the bill could attract substantial investments into the digital asset sector, predicting market growth for stablecoins from the current $250 billion to trillions. This highlights the strategic importance of the legislation for reinforcing dollar supremacy.
The GENIUS Act represents a pivotal step toward formalizing stablecoin regulation in the U.S., potentially leading to significant innovations and investments in digital assets.
