Senate Approves GENIUS Stablecoin Bill: A Major Victory for the Crypto Industry!

In a notable move, the Senate passed the GENIUS Act with a 68-30 vote. This bill is a big step for digital assets; it creates a federal framework for stablecoins, which are crypto tokens tied to the US dollar.

Not long ago, the bill’s future looked uncertain. In May, nine Democrats changed their minds about supporting it and wanted revisions. Senators Elizabeth Warren and Ron Wyden halted an earlier vote, citing concerns over recent crypto ventures linked with the Trump family, including a controversial dinner for large holders of their memecoin, $TRUMP.

Warren, a key figure in consumer protection and a fierce critic of crypto, ultimately voted against the bill. She voiced her alarm that it lacked proper oversight, suggesting it would allow Trump to act as a regulator for his own interests and those of his competitors.

Despite mixed reactions, the passage is a win for the digital assets sector, which has invested heavily in lobbying efforts in Washington. The industry sees the GENIUS Act as crucial. Seth Hertline, from the crypto wallet company Ledger, said it’s a vital sign for the future of crypto regulations. “If the GENIUS Act derails, everything behind it derails,” he explained in an interview.

Adding depth to this topic, a recent survey by the Crypto Policy Consortium revealed that around 75% of respondents believe clearer regulations could boost innovation in the crypto space. The debate over regulatory frameworks is ongoing, especially as more investors are entering the market—recent data shows that 16% of Americans own some form of cryptocurrency, a number that has surged over the past few years.

Understanding these trends is essential. The landscape for cryptocurrencies is evolving quickly, and regulations like the GENIUS Act could shape its future significantly.

For further reading, you can check out the Crypto Policy Consortium report.

Source link

Crypto,Policy,Politics,Tech