GENIUS Act: The US Senate Will Vote On A Key Stablecoin Bill This Wednesday
The US Senate is about to decide on an unprecedented regulation of stablecoins. A key vote scheduled for this Wednesday could indeed redefine the rules of the game for the entire crypto industry. We tell you more in the following paragraphs!
In Brief
- The US Senate will vote on historic legislation to regulate stablecoins and protect investors.
- The GENIUS Act imposes dollar guarantees and annual audits on crypto asset issuers.
GENIUS Act: A Regulatory Turning Point for the Crypto Sector
This Wednesday, the US Senate will meet to vote on the GENIUS Act. This bipartisan crypto bill could finally provide stablecoins with a strict legal framework in the United States.
Supported by the Trump administration and influential figures in the crypto sphere, the bill aims to impose solid guarantees. Specifically, each stablecoin must be backed by US dollars or equivalent liquid assets.
The bill also provides for annual audits for crypto issuers whose market capitalization exceeds 50 billion dollars. Specific provisions target foreign stablecoin issuers. Indeed, they will have to prove their ability to comply with legislation (notably in case of seizure of criminal assets).
The stated objective is clear: to protect investors while ensuring the dominance of the dollar in the crypto universe.
Introduced by Majority Leader John Thune, the bill has already passed a first step with 66 favorable votes last month. This paves the way for this final legislative vote! It requires 60 votes to be adopted.
Toward a Revolution of Stablecoins in the Crypto Ecosystem
For many analysts, this initiative marks a turning point for crypto regulation in the United States. Matt Hougan, director at Bitwise, welcomes this progress. According to him, it would be the first real law on crypto-assets.
For crypto market players, the stablecoin bill represents a strategic victory. If adopted, it could even serve as a model internationally. Even better! The market reaction could be immediate: a strong signal in favor of the regulatory maturity of the crypto sector.
With this crucial vote, the US Senate could give stablecoins the legal foundation that the entire crypto industry has been waiting for. One step closer to global regulation! To be continued…
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.