U.S. Senate Advances GENIUS Act to Regulate Stablecoins
Progress on the U.S. stablecoin bill may trigger a multi-year crypto bull market, according to Bitwise's report.
The Senate has advanced the GENIUS Act for a final vote, potentially marking the first crypto legislation in the U.S. this summer.
Key points include:
- The GENIUS Act mandates federal regulation for stablecoins with a market cap exceeding $10 billion.
- It offers a regulatory framework that stablecoin issuers currently lack.
- Potential beneficiaries of this legislation include ether, solana, and decentralized finance assets like uniswap and aave.
- The stablecoin market could grow from $245 billion to $2.5 trillion.
This development is seen as significant, second only to the upcoming approval of spot bitcoin ETFs in January 2024.