- US Senate advances GENIUS Act for stablecoin regulation.
- Bipartisan support major shift in legislature.
- Impact on stablecoin issuers could be substantial.
The US Senate has passed a procedural motion on the GENIUS Act, moving forward with regulating stablecoins.
The decision signals a pivotal moment for stablecoin issuers as the US seeks to implement comprehensive crypto regulation.
GENIUS Act Clears Senate with 66 Votes
The GENIUS Act, introduced by Senator Bill Hagerty, cleared a procedural hurdle in the U.S. Senate with 66 votes in favor. The bill aims to establish a regulatory framework for stablecoins, representing a major advance in U.S. cryptocurrency legislation.
Bipartisan Support emerged as Senators Mark Warner and Kirsten Gillibrand supported the bill despite previous failures to acquire the necessary votes. This shift signifies growing legislative recognition of the need for crypto regulation.
Market Reactions to the Senate’s vote included varied responses within the cryptocurrency community. Senator Mark Warner’s statement emphasized that “despite concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit, we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay.”
First Major US Stablecoin Regulation Push
Did you know? The GENIUS Act’s passing is the first substantial move toward a centralized U.S. stablecoin regulation framework, mirroring global trends in regulatory action.
XRP, currently priced at $2.39, holds a market cap of $139.99 billion. Trade volumes reached $3.65 billion with a 12.42% upturn. Over 90-days, XRP prices dropped by 7.12%. Data sourced from CoinMarketCap.
According to Coincu research team, the GENIUS Act could set a precedent, prompting swift regulatory adjustments across U.S markets, impacting technological developments and investments in the stablecoin sector.
Source: https://coincu.com/338588-genius-act-us-senate-passes/