Senate to Vote on GENIUS Stablecoin Act June 17

US Senate scheduled a final vote for the GENIUS Stablecoin Act on June 17, focusing on stablecoin regulations.

The GENIUS Act aims to set regulatory thresholds for stablecoin issuers, affecting those with market caps under $10 billion, potentially altering the stablecoin market landscape.

Senate Prepares for June 17 Vote on GENIUS Act

The US Senate will vote on the GENIUS Stablecoin Act on June 17, following a procedural vote on June 12. This bill aims to regulate stablecoin issuance in the United States. Senate Banking Committee Chairman Tim Scott has been instrumental in pushing the bill. Bipartisan support, shown in a 68-30 vote, advances the bill to a final vote.

GENIUS Act’s $10 Billion Market Cap Focus

The GENIUS Act could affect stablecoin issuers with less than $10 billion in market cap, impacting market dynamics. There’s anticipation around how US-issued stablecoins like USDT, USDC, and DAI will be affected. The market is keenly observing potential shifts in DeFi protocol valuations following the vote. With no official statements from industry leaders, reactions remain speculative.

US Legislative History on Stablecoins

Past US legislative attempts to regulate stablecoins have caused market volatility. The progression of similar bills has historically prompted markets to adjust stablecoin and governance token exposure. Market players anticipate potential impacts on DeFi and Layer 1 protocols relying on dollar-based liquidity. If passed, the Act may bring significant changes to stablecoin market segmentation.

“Let’s finish the job and get this bill to President Trump’s desk for his signature.” – Tim Scott, Senate Banking Committee Chairman