US Senate passes stablecoin bill in milestone for crypto industry (Source: Reuters)
The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.
The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donal Trump’s desk for approval.
Summary
- Stablecoin bill requires tokens backed by liquid assets
- Concerns over big tech and foreign stablecoin issuers
- House must pass its version before reaching Trump’s desk
- Crypto industry spent $119 million backing pro-crypto candidates
Bill make sense to me, as the broader financial industry is busy with new ETF’s and accumulating them. I see both Bitcoin (digital gold) and ETH (with key blockchain technology) will play bigger role. Here I believe that ETH blockchain could/may become the backbone of the financial industry. And this will be huge, though this could take some time.
*Disclaimer – As I always highlight, please do your own due deligence and above information is solely my own analysis and not a financial advice.
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