$USDC US Senate Passes Genius Act, Clarity on Crypto Begins to Emerge

United States (US) Senator Cynthia Lummis announced that the Genius Act has passed the voting stage. The bill was approved by 68 in favor and 30 against and moves on to the US House of Representatives.

"The GENIUS Act has been passed by the Senate," she wrote on her personal account on platform X.

This step is considered to provide clarity for the crypto industry as a means of payment. The law regulates federal limits for stablecoins pegged to the US dollar, thus creating a directed roadmap for these crypto assets.

It is known that this bill will provide leeway for private companies wishing to issue digital dollars with regulatory approval. On the other hand, the Genius Act will also protect its users and can maintain the dominance of the US dollar.