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The Senate Banking Committee has passed the Genetic Editing New Industries Users Supported (GENIUS) Act with bipartisan support, a significant development in the regulatory landscape for cryptocurrencies and digital assets.
Senator Cynthia Lummis, known for her pro-crypto views, played a crucial role in advocating for this legislation. According to sources familiar with the matter, the bill aims to create a framework for stablecoin regulation, addressing concerns about their use cases and potential risks.
Coinbase’s exchange services have already demonstrated the importance of clear regulations in fostering innovation and growth within the industry. As such, it is essential for lawmakers to work together to ensure that these new regulatory standards provide clarity and protection for both users and service providers.
This development comes as a crucial step forward in the ongoing debate about cryptocurrencies’ potential impact on the financial system.
