The US Senate voted in favor of entering the genius law with 68 to 30 votes on Wednesday, June 11. In order to regulate the Stablecoin market, which has grown to more than $ 250 billion in market cap, the US Senate supported the genius law through two major parties.
The Senator’s voting, also known as a Client voting, restricts discussions in accordance with the genius law and sets the final voting stage before proceeding to the House of Representatives. The final voting is expected to happen in the next few days early next week.
The reason why genius acts in American history are important
According to the 79th Secretary of State, Scott Bessent, the US dominant stability can have US dollar dominance. The implementation of the genius law is imminent as the US dollar faces strong pressure on global currency.
The Federal Reserve Bank also believes that STABLECOINS is a new way to introduce competition in the payment sector. In addition, Stablecoins, which dominates the US dollar, continues to create organic demand for the US Treasury and bond markets.
Effect on encryption
The imminent implementation of genius law will have a big impact on the cryptocurrency market in the long run. The US economy also occupies nearly a quarter of global economic activities.
Genius Act will increase the overall encryption liquidity by increasing institutional investment in the Stablecoins market.