18.06.2025 08:39
A groundbreaking cryptocurrency bill, the GENIUS Act, has achieved a historic first, successfully navigating the Senate and advancing towards becoming law. This unprecedented legislative progress marks the first major cryptocurrency bill to clear this significant hurdle. The Senate vote, a decisive 68-30 victory including bipartisan support from 18 Democrats on June 17th, paves the way for potential transformative changes in the digital currency landscape.
Following the Senate's approval, U.S. Treasury Secretary Scott Bessent offered a bold prediction: the stablecoin market could explode to a staggering $3.7 trillion by 2030, a figure significantly higher than his previous estimate of $2 trillion by 2028. He attributed this projected growth partly to the GENIUS Act, arguing that the increased demand for U.S. Treasury bills from stablecoin issuers to back their digital assets would contribute to a reduction in the national debt. The potential for this legislation to reshape the financial landscape is undeniable.
Supporters of the bill, such as prominent figures in the crypto and AI sectors, celebrated its passage. David Sacks lauded Senator Bill Hagerty's sponsorship and President Trump's role in pushing the legislation forward, emphasizing the bill's potential to cement the U.S. dollar's dominance in the online financial world. Senator Hagerty himself highlighted the bill's projected benefits, forecasting improved efficiency and reduced costs for consumers through the migration of payments onto blockchain technology. He emphasized the substantial cost savings inherent in this technological shift.
Beyond the leading stablecoin issuers, Tether (USDT) and Circle (USDC), established players in traditional finance are actively preparing to capitalize on the anticipated surge in stablecoin adoption. JPMorgan Chase recently conducted a test of its JPM Coin (JPMD) on Ethereum's Base network, indicating its intention to offer this service to institutional clients. Even Bank of America is reportedly exploring the development of a digital dollar, emboldened by the expected regulatory clarity provided by the GENIUS Act. While the sector has witnessed phenomenal growth, it has previously operated in a regulatory grey area, making this legislative progress all the more significant. The potential implications of the GENIUS Act are far-reaching and promise to dramatically reshape the financial future.
