U.S. Senate, Stablecoin regulation bill ‘Genius Act’ reach bipartisan agreement...Vote to be pursued this week

U.S. Senate Banking Committee Accelerating Stablecoin Legislation (Source: Forbes)

U.Today reported that the U.S. Republican and Democratic parties have reached a bipartisan agreement on the stablecoin regulatory bill ‘Genius Act (GENIUS)’. This agreement came after a prolonged debate between the two parties, and the Republicans plan to push for a Senate vote within this week.

According to U.Today, although the details of the bill have not been disclosed yet, it is expected to include regulations on stablecoin issuance and enhanced market transparency. During the bill's discussion process, there was resistance from some pro-cryptocurrency Democratic lawmakers and opponents within the Republican party, but it is analyzed that a certain breakthrough has been achieved through this agreement.

Industry experts view the passage of the Genius Act as an important turning point that could provide regulatory clarity to the stablecoin market in the U.S. Additionally, if the bill is approved in the Senate, it is expected to have a positive impact on the global market.

Due to the potential increase in cryptocurrency market volatility following next week's vote results, investors are paying attention to whether the bill will pass and its detailed regulations.