The White House is intensifying efforts to bring the GENIUS Act to the Senate, aiming to establish a regulatory framework for stablecoins. The discussion is slated for April.
Pushing GENIUS Act in the Senate
The White House is actively lobbying for the GENIUS Act to be considered in the Senate by April. Championed by the President's Digital Asset Working Group, it targets stablecoin regulation and has key support from senators like Bill Hagerty.
Stablecoin Regulation: Key Insights
In previous sessions, stablecoin legislation faced challenges, but the recent passage of the GENIUS Act in the Senate Committee signals a growing consensus in the U.S. Congress about the importance of regulatory clarity for digital assets.
Market and Prospects
Experts suggest that the GENIUS Act could foster adoption if it balances innovation with regulatory standards. The U.S. Financial Services Committee highlights the need to secure consumer trust while supporting digital innovation.
The promotion of the GENIUS Act in the Senate could significantly impact the stablecoin market and financial sector if a balance between regulation and innovation is achieved.
