The passage of the GENIUS Act in the Senate has sparked heightened interest on financial platforms like Polymarket. Observers are wondering how this will influence the stablecoin market in the US.
Stablecoin Issues in the US
According to reports, cryptocurrency users are betting on the odds that the GENIUS Act will be approved. In the Senate, it was supported by a majority vote of 68 to 30 before moving to the House.
Chances of Bill Passing in the House
It is uncertain whether the bill will garner enough support in the House, especially since it may be amended due to concerns over Donald Trump's connections to the crypto industry. A majority of senators voted against a similar amendment before the final vote.
Impact of the Bill on the Stablecoin Market
If the bill is approved in its final form, it could open the door for US companies to issue their own stablecoins. Discussions have emerged about tech giants like Apple and Google considering the creation of their tokens.
The finalization of the GENIUS Act promises potential changes in the US stablecoin market, and observers will closely follow the next steps in this direction.
