The Senate of the United States voted for promoting the Genius Act with a vote from 68 to 30 on Wednesday 11 June. In an attempt to regulate the Stablecoin market, which has grown to more than $ 254 billion in market capitalization, the US Senate met both large parties to support the genius law.
The Senate voice, also known as the mood of the cloture, about the genius law, now limits the debate and sets the stage for the final vote before he goes to the house. The final vote is expected to take place in the coming days, possibly early next week.
Why the brilliant action matters a lot in American history
According to Scott Bessent, the 79th secretary of the treasury, Stablecoins dominance by the US could lock the dominance of the US dollar. With the US dollar confronted with intense pressure for worldwide currencies, the implementation of the genius law is impossible.
Moreover, the Federal Reserve is of the opinion that Stablecoins are a new way to introduce competition in the payment sector. Moreover, Stablecoins dominated by the US dollar continue to create the organic demand for the American treasuries and Bond market.
Expected impact on crypto
The upcoming implementation of the Genius Act will have a major influence on the cryptocurrency market in the long term. Moreover, the US economy is good for almost a quarter of global economic activity.
The Genius Act will help to increase the institutional investments in the Stablecoins market, which will further increase the total crypto -liquidity.