U.S. Senate Passes GENIUS Act to Regulate Stablecoins – Coincu

The U.S. Senate passed the GENIUS Act with 68 votes in favor and 30 against, establishing the first federal regulatory framework for stablecoins.

This legislative milestone introduces a U.S-specific strategy for stablecoin regulation, with potential impacts on key markets like DeFi.

Senate Passes GENIUS Act Amid Mixed Political Reactions

The GENIUS Act, sponsored by Sen. Bill Hagerty, passed with bipartisan support. Despite some intra-party opposition, Sen. Gillibrand played a crucial role. Sen. Warren publicly opposed the bill over concerns linked to former President Trump’s crypto involvement. Despite some criticism, bipartisan consensus marked an essential step by the U.S. government towards establishing a formal regulatory structure for cryptocurrencies.

Stablecoins, like USDC and USDT, could experience significant implications due to these new guidelines. While no immediate market disruptors have been reported, industry participants are reviewing potential impacts. Key voices like Sen. Tim Scott emphasized the bill’s historical significance, while Sen. Warren’s opposition highlighted the debate within party lines.

“The introduction of the GENIUS Act marks a crucial step in establishing a regulatory framework that will propel the cryptocurrency industry forward in the U.S.” – Sen. Bill Hagerty

Stablecoins Brace for Changes Under New U.S. Regulations

Did you know? The GENIUS Act’s passage could pave the way for future U.S. crypto legislation, setting a precedent for how the government approaches digital currencies.

USDC maintains a price of $1.00, based on data from CoinMarketCap. With a 24-hour trading volume change of 21.41%, USDC’s market cap stands at 61.56 billion, backed by a circulating supply of 61.56 billion coins. Price fluctuations have been minimal in the past 90 days, showing stability.

According to Coincu research, GENIUS Act’s passage may influence future crypto policies. Historical trends suggest increased regulatory clarity could boost institutional interest. The Act reflects a cautious U.S. stance on digital assets, emphasizing accountability, nurturing stablecoin innovation and security.