#GENIUSActPass The stablecoin bill passing is massive good news for the whole crypto market. All the crypto stocks are mooning today, with COIN shooting up 14% in one go!
The stablecoin regulation bill just passed the U.S. Senate with a 68:30 vote, and this is the first real federal-level framework for stablecoin regulation 😲😲
The rule is that stablecoins need full 1:1 backing (like, 1 USDC for 1 dollar or equally liquid asset), plus they have to publicize their reserves every single month.
The GENIUS Act is a huge milestone for the crypto industry. It makes it way easier for stablecoins to be widely accepted by banks, retailers, and even non-financial institutions. The mainstream financial world is clearly giving crypto more props, which means the whole industry is moving from the fringes to the mainstream.
*Since its listing on June 5, CRCL's stock has surged by 400%. The GENIUS Act, which they played a leading role in promoting, is undoubtedly a major milestone for the cryptocurrency industry. With the passage of the bill, the barriers for banks, retailers, and even non-financial institutions to accept stablecoins have been significantly lowered, laying a solid foundation for increased capital inflows into the cryptocurrency market.*
*The market is still primarily driven by institutions continuously increasing their positions in BTC, while the entry threshold for individual investors remains relatively high. The GENIUS Act is addressing this very "access issue".*
*Moving forward, a continuous inflow of capital will be an irreversible trend. I want to reaffirm my view here: BTC reaching 250K this year remains my firm conviction.*
