The United States Senate has approved the GENIUS Act, a significant legislation for U.S. stablecoins, with a final vote of 68 to 30. The bill will now move to the House of Representatives for further approval, expected to receive bipartisan support. The Trump administration has stressed the importance of cryptocurrency and digital assets for the economy’s long-term health.
The passage of the GENIUS Act in the Senate marks a crucial step towards clear regulation of stablecoins in the U.S. Once ratified by the House and signed by President Trump, this comprehensive legislation will facilitate the wider acceptance of the digital dollar. The Treasury Secretary, Scott Bessent, predicts the stablecoin market could grow to $3.7 trillion by the end of the decade, benefiting the private sector, treasury, and consumers.
JPMorgan has taken the lead in developing stablecoins among traditional financial institutions. Recently, the company introduced its JPMD stablecoin on Ethereum’s L2 Base chain, supported by Coinbase Global. The move is seen as a significant development in the rapidly evolving stablecoin ecosystem, set to drive demand for U.S. Treasuries and potentially reduce government borrowing costs.
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