American banks and financial institutions seem to have received the long-awaited signal: the US Senate approved the bill #GENIUS , the very initiative that could change the rules of the game for stablecoins. The support was strong: 68 votes in favor, against 30. The document is now heading to the House of Representatives.
The law proposes to stipulate clear requirements for token backing and obligate all players to comply with AML rules. Katalin Tishhauser from Sygnum believes that this step is a 'strong positive signal' for major players. According to her, the adoption of the law no longer seems like a fantasy; it gives institutions a reason to prepare for entering the market.
Tishhauser also added that many large banks and traditional financial institutions are already planning to use stablecoins for settlements and payments:
'Transparent regulatory frameworks and clear compliance requirements are needed. It is also important for stablecoins to be officially recognized as a settlement instrument.'
At the same time, Tishhauser clarified that at the initial stage, banks will likely use stablecoins issued on private blockchains.
According to Alice Lee, partner and head of the American division of venture company Foresight Ventures, upcoming changes in cryptocurrency regulation and the adoption of laws on stablecoins may become key triggers for the next market cycle in 2025.
'One of the strongest factors remains policy change,' she noted.
Alice was referring to the approval of a bitcoin reserve by Donald Trump and progress in the regulation of stablecoins as the main reasons for possible growth $BTC in 2025.
The GENIUS law makes stablecoin issuers 'key players'
If the GENIUS law is finally approved, stablecoins will become part of the financial infrastructure of the USA, believes Andrey Grachev, managing partner of Falcon Finance and DWF Labs.
'If issuers start holding large volumes of US Treasury bonds, they will turn from niche instruments into key players in the economy,' he explained.
According to him, stablecoins backed by government bonds will give institutions more confidence in using such assets for settlements and payments.
Alex Bülau, co-founder of Rayls, a blockchain platform for banks working with JPMorgan's Kinexys infrastructure, added that until now, financial institutions have operated in a regulatory 'grey zone,' where clear rules and official recommendations were lacking.
'Now that clarity has emerged, institutions will not hesitate. They will want to take advantage of the opportunities that stablecoins provide, especially in cross-border payments, round-the-clock settlements, and improving global liquidity on-chain,' he said.
On June 15, it became known that the investment giant JPMorgan Chase filed a new trademark application for JPMD in the USA. This intensified rumors about a possible launch of the bank's own stablecoin.
According to the application, the brand may cover services for trading digital assets, transfers, exchanges, clearing, and payment processing.
