The GENIUS Act, aimed at regulating stablecoins in the US, has received support in the Senate and is now awaiting discussion in the House of Representatives.
What Happened?
Yesterday, the digital betting platform Polymarket showed an 89% chance of the GENIUS Act being passed by both chambers of Congress before 2026. The bill passed in the Senate with a vote of 68 to 30, demonstrating broad political support.
Impact of the GENIUS Act on the Stablecoin Market
The GENIUS Act, which is expected to establish clear rules for stablecoins, must pass through the House of Representatives. It focuses on ensuring stablecoins remain tied to fiat currencies, which is particularly relevant in light of the collapse of TerraUSD in 2022.
Comments from President Trump and Next Steps
President Donald Trump praised the Senate's passing of the bill, calling it a 'great move.' He urged the House of Representatives to quickly pass the bill without changes so that it could be sent to the president for final approval.
The GENIUS Act, receiving support in the Senate, could become an important step in regulating stablecoins in the US, providing necessary clarity and trust in the cryptocurrency market.
