Senate Passes Landmark Stablecoin Bill in Major Boon for Crypto Industry
The U.S. Senate passed the GENIUS Act, establishing a framework for stablecoin issuance and trading. Stablecoins, pegged to the U.S. dollar, facilitate entry and exit from crypto markets without direct dollar access. Major banks, retailers, and tech companies are interested in developing their own stablecoins, potentially bringing trillions into the crypto market. U.S. Treasury Secretary Scott Bessent noted that a thriving stablecoin ecosystem could lower government borrowing costs and attract new users to the digital asset economy. The GENIUS Act requires House approval before reaching the President for signature. House Republicans have their own stablecoin bill, which may delay the process. The White House has not confirmed if the President will sign the GENIUS Act alone or wait for additional legislation. Senator Cynthia Lummis emphasized the need for comprehensive market structure legislation following the GENIUS Act's passage. The bill was revised to address conflicts of interest, allowing the President and family to engage in stablecoin ventures while in office.
