March 14, 2025.
U.S. Senate Advances Stablecoin Bill and Its Impact on Cryptocurrency
The U.S. Senate Banking Committee has taken a significant step towards regulating stablecoin issuers by approving the GENIUS Act with an 18-6 vote, marking the first committee approval for a stablecoin bill in this congressional session. While Democrats raised concerns about national security and proposed amendments, these were largely rejected along party lines. Senator Elizabeth Warren expressed frustration over the bill's risks, and now the legislation awaits a vote in the full Senate and must also gain approval in the House of Representatives before reaching President Trump's desk.
This development could have notable impacts on cryptocurrencies like Aelf (ELF), Io.net (IO), and Chia (XCH):
Aelf (ELF)
- Positive Outlook: Aelf, aiming to provide a multi-chain blockchain platform, may benefit from clearer regulations, facilitating technology adoption.
- Growth Potential: If the bill passes, increased market confidence could boost ELF's value.
Io.net (IO)
- Positive Impact: Io.net, focused on connecting smart systems, might experience a surge in projects and investments due to clearer regulations.
- Collaboration Opportunities: Stable market conditions could enhance collaboration with developers and organizations.
Chia (XCH)
- Potential Risks: Chia, based on data storage models, could face challenges if new regulations limit its operational methods.
- Need for Adjustment: The company may need to adapt its strategy to align with new regulations, potentially affecting XCH's short-term value.