The U.S. Senate has passed the GENIUS Act, establishing rules for payment stablecoins such as USDC and USDT. This step could significantly impact the cryptocurrency market.
Concept and Importance of the Act
Senate Majority Leader **John Thune** highlighted that the passage of the GENIUS Act is crucial for a clear regulatory framework for **payment stablecoins**. The bill introduces new rules that will affect dollar-pegged stablecoins. This decision followed intense bipartisan negotiations and industry lobbying efforts.
Impact on the Cryptocurrency Market
The adoption of the legislation could lead to increased stability in the **cryptocurrency market**, which may, in turn, affect the interest of major financial institutions. For instance, companies like Uber have already expressed interest in exploring the utilities of stablecoins.
Next Steps and Future Perspectives
The next stage involves consideration of the bill in the House of Representatives. Industry participants expect that the passage of the GENIUS Act will enhance **legitimacy** and capital influx for compliant stablecoins. However, regulation may also require adjustments in financial procedures and technological protocols.
The passage of the GENIUS Act in the Senate could set a precedent for future cryptocurrency policy, significantly affecting both the stablecoin sector and the broader financial landscape.
