The new GENIUS Act for stablecoins has passed a vote in the US Senate, opening up the possibility for legalization and regulation of digital currencies.
Discussion of the GENIUS Act in the Senate
On Tuesday, the US Senate voted in favor of the GENIUS Act with a result of 68-30. The proposal aims to create a framework for regulating stablecoins in the country. Senator Bill Hagerty of Tennessee, who introduced the bill, stated that its passage would bring the US closer to being recognized as a leader in cryptocurrency.
Support and Opposition to the Bill
The bill faced opposition during the discussion, having previously failed to pass a cloture vote due to disagreements between Democrats and Republicans. Hagerty emphasized that the GENIUS Act's passage would allow businesses to settle payments quickly, without long wait times. However, some lawmakers criticize the bill for potentially legitimizing corrupt practices related to the crypto industry.
Impact on the Stablecoin Market
If the bill is enacted, it could open opportunities for many companies, such as Apple and Google, to issue their own stablecoins. Treasury Secretary Scott Bessent stated that the stablecoin market is projected to grow to $3.7 trillion by the end of the decade if the law is passed.
The Senate's approval of the GENIUS Act represents an important step towards regulating stablecoins in the US. However, the future of the bill in the House of Representatives and potential amendments remain uncertain.
