A naukri.com initiative
TronWeekly
3w
140
Image Credit: TronWeekly
Stablecoin Regulation Gains Momentum as US Senate Approves GENIUS Act
- The U.S. Senate approved the GENIUS Act 68-30, advancing stablecoin regulation with bipartisan support.
- Legislation now moves to the House; the Trump administration sees stablecoins as crucial for U.S. economic competitiveness.
- Treasury Secretary projects the stablecoin market could reach $3.7 trillion, driving demand for tokenized U.S. Treasuries.
- The GENIUS Act aims to provide clarity and regulation for the rapidly growing stablecoin sector in the U.S.
- The bill will establish rules on reserve requirements, compliance, consumer protection, and stablecoin integration into the financial system.
- Stablecoin adoption is expected to grow significantly with potential market size projections of $3.7 trillion by the end of the decade.
- Following Senate approval, JPMorgan launched its stablecoin, JPMD, on Ethereum’s Layer 2 Base chain, backed by Coinbase Global.
- The passage of the GENIUS Act could lead to advancements in the U.S. central bank digital currency (CBDC) space, positioning the country as a global leader.
- The legislation is deemed a transformative moment for the digital asset economy and could redefine the future of finance in America.
Read Full Article
8 Likes
For uninterrupted reading, download the app