The U.S. Senate is set to vote as early as Monday night on the GENIUS Act, a bill aimed at regulating stablecoins. Authored by Senator Bill Hagerty with bipartisan support, the bill seeks to integrate cryptocurrencies into the financial system.
Senator Mark Warner has announced his support for the latest version of the GENIUS Act, indicating he is a bellwether for broader Democratic backing in the Senate.
Coinbase CEO Brian Armstrong has expressed optimism about the bill’s passage despite recent pushbacks. The legislation aims to establish a regulatory framework for stablecoins, which are cryptocurrencies pegged to assets like the U.S. dollar.
In a related development, the Chicago Mercantile Exchange (CME) will launch XRP futures contracts on Monday, expanding institutional investment opportunities in the cryptocurrency market. This follows legal developments involving Ripple and the SEC.
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Source: https://thedefiant.io/news/regulation/u-s-senate-to-vote-monday-night-on-genius-act-stablecoin-regulation-supported-c513cc40