17.06.2025 23:20
The United States Senate has officially approved the GENIUS Act, a landmark bill poised to reshape the American cryptocurrency landscape. This bipartisan victory, despite some Democratic dissent, signals a significant step toward establishing a regulatory framework for stablecoins. Its passage clears the path for presidential approval and subsequent implementation.
Following months of contentious debate and several failed attempts at passage, the GENIUS Act finally secured enough support. Amendments and renewed bipartisan collaboration ultimately propelled the legislation forward, overcoming previous obstacles. The bill's imminent enactment is anticipated to substantially influence the future of the stablecoin market.
Major financial institutions, seemingly anticipating the bill's success, have proactively prepared for its implications. JPMorgan Chase and Bank of America, among others, have publicly declared intentions to launch their own stablecoin offerings in the near future. This suggests a high degree of confidence in the bill's eventual passage and a belief in the potential profitability of stablecoin ventures.
A key provision of the GENIUS Act mandates significant investments in US Treasury bonds by stablecoin issuers. This requirement has already prompted companies like Tether to amass substantial holdings, potentially granting stablecoins a previously unseen influence within the global financial system. The President's vision for the cryptocurrency industry includes a prominent role in maintaining the dollar's international dominance.
However, the GENIUS Act hasn't been without its critics. Some Democratic senators voiced strong opposition, alleging that the bill could facilitate the President's involvement in cryptocurrency-related corruption. Concerns have also been raised regarding potential complications to bankruptcy procedures. The bill prioritizes stablecoin holders over other creditors in insolvency scenarios, a feature critics argue could present substantial risks, especially if large banks or corporations enter the stablecoin market. While some Democrats, including Senator Gillibrand, advocated for the crypto industry while criticizing the President's financial stake in the industry, the overall party support for the bill remained strong.
Ultimately, the Senate's approval of the GENIUS Act marks a pivotal moment in the evolution of US cryptocurrency regulation, setting the stage for a new era of financial innovation and control.
