The U.S. Congress has advanced the 'GENIUS Act' to the Senate floor vote, which is expected to be a turning point in stablecoin regulation. If the, billablecbe incorporated into the infrastructure within the United States>
On the th11th local time),),.passededt the procedhurdle with a bipartisan vote of 68 to 30 in the of 'cloture vote' enables the floor vote on the GENIUS Act. This means it has entered a stage where the bill can be passed with a simple majority vote.
The GENIUS Act primarily allows banks and financial institutions to issue stablecoins under federal regulation. In particular, it imposes clear standards including Federal Reserve approval requirements, 1:1 reserve holdings, and, etc. The industry evaluates this as a "structure favorable to regulation-friendlyendly stablecoinscoinslike USDC and USDP".
This voting result suggests a significant political progress in the cryptocurrency industry. It shows that the Senate, which was divided on cryptocurrency regulation, views stablecoins asins a digital infrastructure that should be incorporated into the monetary system.
According to foreign media such as Bloomberg, the GENIUS Act is likely to have a floor vote in the coming days, and it becomes final legislation with with President Joe Biden's, Biden the.S.ablecoinecoinmarket market is expected to enter a phase of rapid growth along with entering the institutional framework.
