Senate Passes GENIUS Act, Promoting US Digital Asset Growth – Coincu

Donald Trump announced the Senate passage of the GENIUS Act, aiming to boost digital asset innovation. The bill now awaits approval in the House.

The act seeks to establish a regulatory framework for stablecoins, promising increased consumer protection and innovation. Potential market growth to $2 trillion anticipated.

Senate Approves GENIUS Act for $2 Trillion Market Impact

The Senate’s approval of the GENIUS Act on June 18 has sparked significant anticipation within the crypto sector. Spearheaded by Sen. Kirsten Gillibrand, the bill seeks to enhance U.S. leadership in digital assets by providing a regulatory framework.

If fully enacted, the GENIUS Act would notably influence stablecoin markets. Treasury Secretary Scott Bessent projects an eightfold growth in the U.S. stablecoin market. The regulatory clarity aims to foster innovation and boost institutional interest.

Sen. Kirsten Gillibrand, D-N.Y., co-sponsor of the GENIUS Act: “The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar.”

President Trump emphasized expeditious processing in the House, describing the bill as crucial for economic growth. Sen. Elizabeth Warren, however, remains critical, citing concerns over corruption safeguards. The crypto market is watching for House reactions keenly.

Historical Milestone as GENIUS Act Gains Momentum

Did you know? The GENIUS Act is the first major federal push in the digital asset space, potentially dwarfing previous state efforts and SEC actions, and positions the U.S. as a leader in crypto regulation.

USDC, one of the primary stablecoins potentially affected by the GENIUS Act, maintains stability with a price of $1.00 and market cap of $61.49 billion. According to CoinMarketCap, its circulation and consistent pricing underscore its role in fostering secure digital transactions.

CoinCu analysts suggest the GENIUS Act’s enactment would catalyze a shift in international monetary policies. The structured framework could expedite greater stability and comparability across the global digital asset landscape, potentially altering traditional finance dynamics.