<ul data-eligibleForWebStory="true"><li>The GENIUS Act, a bill awaiting approval in the House, proposes guidelines for stablecoins to be fully backed by US dollars and monitored by financial authorities.</li><li>Market response to the bill was positive, boosting confidence in stablecoin issuers like Circle and its partner Coinbase, leading to increased optimism in the crypto sector.</li><li>Social trend data from Santiment indicates bullish sentiments towards the GENIUS Act, with expectations for regulatory clarity and institutional crypto participation.</li><li>Despite the optimism, some critics raise concerns about potential political favoritism in the bill, suggesting advantages for well-connected individuals and centralized projects.</li><li>Market dynamics hint at a 'buy the rumor, sell the news' scenario as price gains happened before the Senate vote, leading to uncertainty about future price movements.</li><li>The GENIUS Act might shape U.S. crypto legislation and stablecoin adoption, but debates persist on whether it will promote a fair financial environment or reinforce insider privilege.</li></ul>

GENIUS Act Sparks Market Optimism, but Stablecoin Bill Faces Scrutiny

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