According to TechFlow, on June 16, CoinDesk reported that Wall Street brokerage firm Bernstein released a report saying that the U.S. Senate's (GENIUS Act) will vote this week and is expected to be passed into law within a few months.
Once the bill is passed, stablecoins will move from being the “currency rails of cryptocurrency” to being the “currency rails of the internet.” The bill aims to bring stablecoin innovation back to the United States, providing a first-mover advantage to regulated U.S. issuers.
The bill treats stablecoins as digital cash and promotes their use in payments. Stablecoins with a market value of more than $10 billion are subject to federal regulation and may be subject to state regulation.
Bernstein pointed out that it is difficult for non-financial public companies to become stablecoin issuers, and e-commerce and technology platforms need to cooperate with regulated U.S. issuers.
