The U.S. Senate approved advancing the **GENIUS Act** with a 68 to 30 vote on Wednesday, June 11. Aimed at regulating the stablecoin market valued at over $254 billion, both major parties united to back the act.
This Senate vote, known as the cloture vote for the **GENIUS Act**, paves the way for the final vote before moving to the House. The final decision is anticipated within the next few days, possibly early next week.
**Scott Bessent**, the 79th Secretary of the Treasury, highlights that U.S.-backed stablecoins could solidify the dominance of the U.S. dollar. With global currencies challenging the U.S. dollar, implementing the **GENIUS Act** becomes crucial.
The **Federal Reserve** views stablecoins as a means to introduce competition in the payment sector. U.S. dollar-centric stablecoins also drive demand for U.S. treasuries and the bond market.
The upcoming enforcement of the **GENIUS Act** will significantly impact the cryptocurrency market in the long term. The U.S. economy contributes nearly a quarter of global economic activities.
This act is expected to attract more institutional investments into the stablecoin market, thereby boosting overall crypto liquidity.
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