US Senate Votes To Pass GENIUS Stablecoin Bill
The US Senate passed the GENIUS Act with a vote of 68-30, moving closer to becoming law. Introduced by Senator Bill Hagerty, the bill aims to position the US as a leader in cryptocurrency by enabling faster payment settlements. The STABLE Act, a companion bill, may be considered next in the House, where it could face amendments. The GENIUS Act previously failed a cloture vote due to Democratic opposition linked to former President Trump's ties to the cryptocurrency industry. There is uncertainty about the bill's support in the House, which has a slim Republican majority. If passed, it could lead to significant market growth for stablecoins, projected to reach $3.7 trillion by the decade's end. Concurrently, the House is awaiting a vote on the CLARITY Act to establish market structure rules for digital assets, facing similar pushback regarding Trump's connections. Critics argue these bills legitimize corruption linked to Trump's crypto ventures.
