Senate Advances GENIUS Act: Will It Unlock Trillions in Stablecoin Liquidity?

Senate votes 66-32 to advance the GENIUS Act, regulating stablecoins for the first time. GENIUS Act may unlock trillions in liquidity, boosting stablecoin regulation and DeFi growth. The bill could raise US GDP by 5.2%, create 7M jobs, and increase family incomes by $13K. Senators in the United States Senate voted 66-32 to move the GENIUS Act forward, which plays a major part in regulating stablecoins. After overcoming the Democratic-led filibuster, lawmakers can now continue debating and could pass the bill. If the GENIUS Act became law, it would establish the first set of federal regulations for stablecoins. The GENIUS Act is now in the stage where the Senate debates and amends it. If it becomes law, it will supervise stablecoins, which are responsible for only 1.1% of the US dollar circulation. The bill may bring about trillions of dollars in liquidity, transforming the cryptocurrency market to become more reliable and trustworthy. People supporting the idea believe that regulating stablecoins is necessary for the lasting development of DeFi and blockchain technologies. GENIUS Act: Key to Crypto’s Growth and Economic Impact Dan Gambardello, an anal… The post Senate Advances GENIUS Act: Will It Unlock Trillions in Stablecoin Liquidity? appeared first on Coin Edition .

Source: Coin Edition