The United States Senate voted in favor of advancing the GENIUS Act with a 68 to 30 vote on Wednesday, June 11. In a bid to regulate the stablecoin market, which has grown to more than $254 billion in market capitalization, the U.S. Senate came together across both major parties to support the GENIUS Act.
The Senate vote, also known as the cloture vote, on the GENIUS Act, now limits the debate and sets the stage for the final vote before proceeding to the House. The final vote is expected to happen in the coming few days, potentially early next week.
According to Scott Bessent, the 79th Secretary of the Treasury, the U.S.-dominated stablecoins could lock in the U.S. dollar dominance. With the U.S. dollar facing intense pressure for global currencies, the implementation of the GENIUS Act is imminent.
Furthermore, the Federal Reserve believes that stablecoins are a new way to introduce competition in the payment sector. Additionally, the U.S. dollar-dominated stablecoins continue to create organic demand for the U.S. treasuries and bond market.
The imminent implementation of the GENIUS Act will have a profound impact on the cryptocurrency market in the long haul. Moreover, the U.S. economy accounts for nearly a quarter of global economic activity.
The GENIUS Act will help increase institutional investment in the stablecoins market, which will further increase the overall crypto liquidity.
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