The U.S. Stability Act guides and establishes national innovation, the Genius Act, now faces a significant vote in the U.S. Congress, and the cryptocurrency industry is highly staked.
If the U.S. Senate is the upper house of the country’s Congress, it will pass the Genius Act on Tuesday, which will bring the country one step closer, a major victory for the crypto industry and the Trump administration that supports the legislation. The next stop to the bill is the House, which will be subject to further scrutiny by lawmakers.
Senate Advance the bill by 68 to 30 votes On June 11, before the last vote, the Genius Act was opened. Several Democrats joined the majority of Republicans and won the listing votes.
In the lead in voting, industry voices express hope for prospects. Paul Grewal, Chief Legal Officer, Coinbase sound There are positive notes on the X before the vote, highlighting its potential to bring regulatory clarity. But not everyone is on the boat.
Critics argue that the Genius Act lacks adequate safeguards, especially the potential to communicate self-represented around entities authorized to issue stable issues. Senator Elizabeth Warren has always been one of the most vocal opponents warn The bill could “actively promote” abuse related to Trump’s cryptocurrency business.
In the main amendments to legislation, targeted provisions Prevent elected officials and their families from issuing stable peoplethe move aims to address some concerns about conflicts of interest.
If enacted, the Genius Act could significantly reshape the landscape of crypto-regulated in the United States. Industry stakeholders told Cointelegraph that legislation could help consolidate the dollar’s role in the digital economy and lay the foundation for a more structured global financial framework.
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The bridge between Tradfi and blockchain
The Genius Act will establish a monitoring system for stablecoins that enables issuers to register with the U.S. government. In addition, issuers will need 1:1 stablecoin support, face regular audits and obey anti-monetary money laundering regulations.
OKX US CEO Roshan Robert said the Genius Act is a “strong signal” that the U.S. government is taking a pragmatic approach to digital assets. The bill creates “an important bridge for traditional finance to explore blockchain power supply and reconciliation.”
“For OKX, clear regulation in major markets like the United States gives us the ability to build responsible transparent infrastructure for global users,” Robert said. “The Genius Act not only supports licensing innovation, but also lays the foundation for interoperability between centralized and decentralized systems, a future we believe is inevitable.”
Stablecoins are often seen as a key bridge between traditional finance and digital assets. These Fiat-Peggggggggggg tokens (most of which are related to USD) make it easy for people around the world to send money across borders and send money at a smaller fee and pay at various merchants.
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“Rules Manual for the Next Global Financial System”
The legislation could also lay the foundation for regulating dispersed programmable funding, which could hit the outlook for the U.S. Central Bank Digital Currency (CBDC).
“The Stablecoin Act is equally important,” said Mike Cahill, CEO of Douro Labs. “As major financial institutions are already exploring issuance, a clear federal health column will legalize Stablecoins into a new category of programmable currencies – integrated into payments, settlements and even Treasury administration.
“If the U.S. does this correctly, it will not only lead the crypto market, but also write a rulebook for the next global financial system.”
Related: Genius law may consolidate the dollar’s dominance in the digital economy
The Genius Act can refute debt
The global shift from relying on the dollar as a global reserve currency has attracted attention since Trump imposed tariffs on trading partners. Supporters of the bill say that since most stable people hang on the dollar, the dollar’s status can be strengthened, which has the potential to enhance its impact in the digital economy.
According to Defilama, the two largest stablecoins in the cryptocurrency space are pegged to the dollar – Tether’s USDT (USDT) and Circle’s USDC (USDC). Together, these tokens account for $217.5 billion, accounting for 86.4% of the total of $251.7 billion in stable market capitalization.
“Talking about debt missed a bigger point: dollar-backed Stablecoins are the new 21st century financial power tools,” said Bill Sebell, executive director of XDC Foundation. If the Genius Act is passed, “anyone with a smartphone can have a compliant digital dollar, with coverage and correlation with the dollar increasing as critics predict its decline at the exact moment.”
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