Genius Act Final Senate Vote Today May Shape Stablecoin Future

Genius Act Final Senate Vote Could Send Stablecoin Bill to House

Today at 4:30 PM ET, the U.S. Senate will vote on the final passage of the Genius Act, a bill dedicated on stablecoins, cryptocurrencies related to real-world money like the U.S. dollar. If this draft gets approved, it will forward to the House of Representatives for the next step. Many are considering this could be a turning point for the crypto industry in the United States.

Source: Ash Crypto X Handle

What’s the Genius Act About?

The Genius Act is all about framing clear regulations for stablecoins. These digital currencies are used by millions of people to transfer, hold, and trade money online with security. Right now, there are no strong laws guiding how they should work. This bill could change that by setting up a legal framework.

Senator John Thune, who supports the bill, says it would help bring cryptocurrency into everyday use and make the U.S. a global leader in the digital finance world.

Why the Vote Is a Big Deal?

This is the final vote in the Senate on this draft. If it passes, the bill will go to the House. If both approve, it becomes law. That will bring significant transformations for the digital currency industry.

Supporters of the bill think it could increase confidence in stablecoins. Regulated by rules, investment companies and banks might be more comfortable investing. That could result in a lot of money and give more life to crypto, particularly to projects like Ethereum and other DeFi platforms. More global giants like Amazon, Walmart, and JP Morgan are considering launching their own stablecoin. 

What Are the Markets Saying?

Currently, individuals within the cryptocurrency community are divided. Some are optimistic that the bill will provide much-needed clarity. Some fear that it might hinder innovation or complicate matters for smaller firms.

Stablecoins such as USDT and USDC are remaining stable but Ethereum has been a little nervous recently. This might be an indication of traders making their moves before the vote, attempting to position themselves ahead of whatever is to come.

There are also signs that large investors, maybe institutions, are quietly shifting their money around, possibly getting ready for a big reaction after the vote.

Supporters and Critics Speak Out

CEO of Coinbase Brian Armstrong has strongly supported the Genius Act. He took to his social media that congress requires to pass both the crypto related bills the GENIUS ACT and the CLARITY Act. He is of the opinion that  it will give robust structure to the crypto rules and 52 millions Americans are awaiting the reforms. 

But not everyone agrees. Economist Paul Krugman says that stablecoins do not add much value and are generally used for illegal activities. Senator Elizabeth Warren also raised questions. She is of the opinion that the act does not have enough protections and could lead to disparities, especially with Trump’s allies to certain crypto platforms.

What’s Next?

If the Senate approves the bill today, it heads to the House. If the House also says yes, the Genius Act will become law. That could bring big changes, more trust, more rules, and possibly more money flowing into the crypto world.

For now, the crypto world is watching the clock. The 4:30 PM vote could set the tone for what’s next in stablecoin regulation, not just in the U.S., but around the world.