The US Senate has scheduled a final vote on the GENIUS Act regarding stablecoins for June 17, generating significant attention towards cryptocurrency regulation.
Structure of the GENIUS Act
The GENIUS Act aims to establish a comprehensive regulatory framework for stablecoins, which is crucial for the growing industry.
This vote followed a procedural vote that took place on June 12, paving the way for fresh regulations in the crypto space.
Support and Criticism of the Legislation
Majority Leader John Thune called on fellow senators to support the bill, highlighting its importance for making cryptocurrency a common part of daily life. He also pointed out that Congress has more work ahead regarding digital assets, referencing a separate market structure bill.
However, Senator Elizabeth Warren raised concerns about the bill not addressing key bipartisan amendments that prioritize consumer protection and financial stability.
Implications and Potential of the New Regulation
Analysts suggest that if the law passes, the US could become a leader in regulating digital currencies worldwide, potentially setting new standards for regulators monitoring cryptocurrencies.
The vote on the GENIUS stablecoin Act has drawn attention to the challenges of cryptocurrency regulation in the US. While support for the bill is growing, questions about its shortcomings and the impact on future legislative initiatives remain.
