Genius Bill, Countdown To Senate Passage…Stablecoin Industry Major Change Predicted

The 'Genius (GENIUS) Bill', considered a turning point for stablecoin regulation, is expected to have a high chance of passing the US Senate. Wintermute policy director Ron Hammond stated in an interview with The Block that "Overall, it seems the Genius Bill will pass the Senate on Tuesday."

He added, "The political environment can be fluid, but it is clear that many Democratic lawmakers have shifted to a favorable stance on the stablecoin bill."

The Genius Bill includes regulations on collateral asset requirements for stablecoin issuance, mandatory audit for issuers, overseas issuance standards, and restrictions on stablecoin issuance by non-financial listed companies. If the bill passes, institutional adoption across the cryptocurrency industry is expected to accelerate.