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U.S. Senate Advances GENIUS Act with Bipartisan Support, Setting Stage for Stablecoin Regulation
U.S. Senate Advances GENIUS Act with Bipartisan Support, Setting Stage for Stablecoin Regulation
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The U.S. Senate voted 68-30 to advance the GENIUS Act, a pivotal step toward regulating the $254 billion stablecoin market. The cloture vote limits debate and paves the way for a final decision, expected as early as next week.
Former Treasury Secretary Scott Bessent argues U.S.-backed stablecoins could reinforce dollar dominance amid global currency competition. The Federal Reserve sees them as catalysts for payment sector innovation and organic demand for Treasury bonds.
Market participants anticipate long-term structural impacts on crypto markets, though the text cuts off before detailing specific mechanisms. The legislation''s progression reflects rare bipartisan consensus on digital asset policy.
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