On Thursday, the crypto market celebrated as one of the stablecoin bills, the “GENIUS Act,” passed the Congress with 308-122 votes in support of the legislation. The bill is now being presented to President Donald Trump to sign it into law.
The GENIUS Act, as part of three legislation being discussed in the “Crypto Week,” will provide clear regulatory rules and pave the way for broader adoption of cryptocurrencies in the finance sector.
The bill is set to provide a clarification on whether crypto tokens or the equivalence are considered securities or commodities, providing regulatory oversight and eliminating legal uncertainty for firms.
Supporters champion the bill as they believe it will lead to faster and more affordable forms of payment. Furthermore, the legislation will legitimize the $265 billion digital asset market, with Citigroup expects it to grow to $3.7 trillion by 2030.
