In a landmark event for the crypto industry, the U.S. Senate is set to vote on the GENIUS Act this Wednesday, June 11, marking a potential turning point for the $250 billion stablecoin market.
The GENIUS Act aims to establish the first comprehensive regulatory framework for stablecoins—particularly those pegged to the U.S. dollar. This comes amid growing interest in cryptocurrencies and blockchain-based payments. Since the beginning of this year, the crypto market has surged to historic highs, with Bitcoin and several other crypto assets seeing record price levels.
As per the Bloomberg article, the Act—better called the Stablecoin Bill—is set to be discussed on Wednesday, highlighting a surprising bipartisan momentum following a May 20 procedural vote of 66-32, where 16 Democrats joined Republicans to advance the bill after a prior Democratic block.
However, the legislation’s path would likely go through various hurdles, as previously it was noted that the inclusion of a swipe fee and a delay in passage of payments would conflict with the actual use of stablecoin payments.
Sen. Mark Warner (D-VA), a key negotiator in the bill, reiterated the need for U.S. leadership in shaping blockchain technology. He warned that inaction over the rapidly emerging stablecoin industry could shift its control to foreign powers. If passed, the bill’s future in the House remains uncertain, where a competing proposal still awaits.
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