- 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 analyst, has expressed belief that the GENIUS Act will play a positive role in the industry. If everything goes well, a flood of investments could come into the cryptocurrency industry. Broad adoption of cryptocurrencies could become possible if stablecoins are regulated properly. Some experts believe that this bill could be the key to crypto’s future success by making it clearer and secure for anyone involved.
Given that cryptocurrencies play a larger role, the GENIUS Act may influence the economy as a whole. According to experts, it may increase GDP in the United States by 4.2% to 5.2%, result in more than 7 million jobs, and raise the annual income of families of four by up to $13,000. These outcomes should help increase growth, leading to greater progress in digital assets and various types of technology.
Market Reaction and Altcoin Momentum
Bitcoin is still the dominant force in the market, yet altcoins are displaying signs that they might soon grow. Analysts are keeping an eye on Ethereum and Cardano since both are approaching significant resistance areas. If altcoins manage to surpass their current price levels, it could lead to a widespread rise in prices, primarily in the altcoin sector that is yet to roar.
The GENIUS Act plays a crucial role in the regulation of cryptocurrency. If successful, it could pave the way for wider adoption of stablecoins and strengthen the broader crypto ecosystem.
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