US Senate Passes GENIUS Act for Stablecoin Regulatory Framework
The US Senate has passed the GENIUS Act, marking a significant development in crypto regulation. This legislation establishes a regulatory framework for stablecoins and is considered the first major financial bill since the Dodd-Frank Act.
Key Points
- Brad Garlinghouse, CEO of Ripple Labs, supports the GENIUS Act as a historic milestone for crypto regulations.
- The Senate Banking Committee announced the passage on June 17.
- Coinbase and Gemini leaders praised the decision, highlighting its potential to foster growth in the crypto sector.
- Tyler Winklevoss from Gemini emphasized that the act could position the US as a global leader in cryptocurrency.
- Governments worldwide are increasingly integrating stablecoins, with notable companies like Amazon and Walmart considering USD-backed stablecoins.
- South Korea is also moving forward with stablecoin regulations, proposing a new licensing regime for issuers.