The U.S. Congress approved Donald Trump's "Big and Beautiful Law." The initiative is expected to reduce taxes and raise the debt ceiling to $5 trillion. Experts believe this will have a positive effect on the cryptocurrency market. Several important bills regarding cryptocurrency regulation are currently under consideration by the agency.
The leadership of the House of Representatives announced that it will address the bills next week — from July 14 to July 18. The key initiative is the GENIUS Act, aimed at regulating stablecoins. It was approved by the Senate at the end of June. The bill is now awaiting final voting in the House of Representatives.
The GENIUS Act is expected to accelerate the adoption of "stable" coins by banks. Tether is already investing billions in government bonds. Analysts believe that the stablecoin market could grow at least 10 times if the initiative is approved. According to CoinMarketCap, at the time of writing, the market capitalization of this sector is $258.9 billion.
