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#GENIUSActPass The Senate approves the Genius Law, favorable to cryptocurrencies
The Senate approved the GENIUS Law on Tuesday, giving a boost to stable cryptocurrencies.
As its name suggests, stablecoins are intended to have an unchanging value in relation to the US dollar, unlike more volatile cryptocurrencies like Bitcoin.
The bill requires companies that issue stablecoins to back their coins with safer assets such as US dollars or Treasury bonds.
Critics, including Elizabeth Warren, said the bill does nothing to prevent someone from bribing the president with stablecoins: a concern because Trump and his family are heavily involved in cryptocurrencies.
A bipartisan bill that regulates and promotes "stablecoin" cryptocurrencies was approved in the Senate on Tuesday with a vote of 68 to 30, giving a boost to the legitimacy of digital currencies.
The bill could boost stablecoins, which seek to solve one of the problems with cryptocurrencies in general: they are rarely used to buy and sell things, due to daily fluctuations in their price. The bill could drive the growth of the US dollar stablecoin market, which could nearly multiply by eight, reaching $2 trillion in the next 10 years, according to Treasury Secretary Scott Bessent, who told senators last week.
The Senate approved the GENIUS Law on Tuesday, giving a boost to stable cryptocurrencies.
As its name suggests, stablecoins are intended to have an unchanging value in relation to the US dollar, unlike more volatile cryptocurrencies like Bitcoin.
The bill requires companies that issue stablecoins to back their coins with safer assets such as US dollars or Treasury bonds.
Critics, including Elizabeth Warren, said the bill does nothing to prevent someone from bribing the president with stablecoins: a concern because Trump and his family are heavily involved in cryptocurrencies.
A bipartisan bill that regulates and promotes "stablecoin" cryptocurrencies was approved in the Senate on Tuesday with a vote of 68 to 30, giving a boost to the legitimacy of digital currencies.
The bill could boost stablecoins, which seek to solve one of the problems with cryptocurrencies in general: they are rarely used to buy and sell things, due to daily fluctuations in their price. The bill could drive the growth of the US dollar stablecoin market, which could nearly multiply by eight, reaching $2 trillion in the next 10 years, according to Treasury Secretary Scott Bessent, who told senators last week.
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