🇺🇸 Treasury Secretary Bessent says crypto stablecoin legislation could be finalized by mid-July.

US Treasury Secretary Scott Bessent predicts stablecoin market capitalization could reach $2 trillion by 2028, driven by rising demand and potential regulatory clarity through the GENIUS Act, which aims to establish a regulatory framework for stablecoin issuers.

The GENIUS Act has cleared a major procedural vote in the Senate, with a final vote expected soon. Senate Majority Leader John Thune has urged the House to act quickly to get the bill on President Donald Trump's desk.

While there's no exact confirmation of a mid-July deadline, Senate Banking Chair Tim Scott mentioned holding a hearing on broader crypto regulation in July. The bill might pass by fall, but stablecoin legislation could be finalized sooner.

The GENIUS Act aims to establish a regulatory framework for US-based stablecoin issuers, focusing on investor protection, anti-money laundering standards, and full asset backing.

The stablecoin market is predicted to grow significantly, potentially reaching a $2 trillion market cap by 2028, driven by rising global demand, US Treasury backing, and regulatory clarity.

It's essential to note that the progress of the bill and its potential impact on the market are being closely watched by industry stakeholders and lawmakers alike.#StrategyBTCPurchase $ETH