U.S. Senate advances GENIUS Act, impacting stablecoin regulations and market stability.
- U.S. Senate advances GENIUS Act, impacting stablecoin regulations.
- Senators advocate for clear regulatory frameworks.
- Potential boost to U.S. digital asset leadership.
The GENIUS Act has moved to the amendment stage in the U.S. Senate, setting the stage for new stablecoin regulations.
With broad bipartisan support, the GENIUS Act aims to establish firm standards for stablecoin issuers, with implications for the broader digital assets space.
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GENIUS Act Gains Bipartisan Support in Senate
The GENIUS Act, led by Senator John Thune, aims to enforce new standards for stablecoin issuers with bipartisan support.
Key players include Chairman Tim Scott and co-sponsors Senators Lummis, who advocate for regulatory clarity in digital assets.
Senator John Thune, Senate Majority Leader, said, “The GENIUS Act would implement light-touch and tailored standards for stablecoin issuers so consumers can trust who they’re doing business with … I’m grateful to Senators Lummis, Hagerty, Gillibrand, and Alsobrooks for their leadership on this issue and their work on the bill. Chairman Tim Scott has also been a critical member of the team. … [This is] the sixth version of the GENIUS Act, drafted with input from both Republicans and Democrats. … The GENIUS Act is by no means the last word on digital assets. I expect the Senate will continue to work in this space, including work toward market structure legislation to address features of the crypto market that are not captured solely by stablecoins.” Source
Senate Decision Aims to Boost U.S. Market Confidence
This decision could bolster institutional confidence and catalyze industry investments in the U.S. market.
Senator Tim Scott praises the bipartisan approach as a step towards maintaining U.S. innovation in digital finance.
Comparing GENIUS Act with EU’s MiCA Framework
Comparisons with the EU’s MiCA framework show potential increases in institutional activity for compliant assets.
Kraken’s Jonathan Jachym emphasizes the need for finalizing regulation to support innovation and national security. After many years of legislative progress, it is critical that U.S. lawmakers come together in the coming months to finalize stablecoin and market structure bills by August.
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