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GENIUS Act Passes House with 308 Votes, Could Redefine Stablecoins and Supercharge U.S. Crypto
In a groundbreaking move that could reshape the digital dollar landscape, the U.S. House has passed the bipartisan GENIUS Act with an impressive 308-122 vote. This landmark legislation creates a regulatory framework for stablecoins, potentially catapulting the United States to the forefront of global crypto leadership.
The bill’s passage marks a seismic shift in tone from the previous administration’s cautious stance towards the crypto industry. The bill requires full reserve backing and monthly transparency for stablecoin issuers, as well as licensing and supervision under a federal regulatory framework. These measures aim to mitigate systemic risk, bolster consumer protection, and enhance investor confidence in the popular crypto payment tools.
Industry leaders have welcomed this development with open arms, praising the move towards a clear and secure regulatory environment. Circle CEO Jeremy Allaire commended the initiative, highlighting its potential for the U.S. to “stay ahead in financial innovation.”
In the wake of its passage, market capitalization of USDC and USDT rose by $1.2 billion within 48 hours, accompanied by significant surges in trading volumes on top U.S. exchanges.
Supporters of cryptocurrencies have hailed the bill as a crucial step towards fostering competition and innovation in the space.
Source: www.cryptoninjas.net
