What Will Be the Effects of the Upcoming Major Bull Cryptocurrency Bill in the USA?

It is stated that following the recent approval of the GENIUS Act by the U.S. Senate, compliant stablecoins could become an important source of demand for short-term U.S. Treasury bonds.

In a research report published today by Canaccord, it was emphasized that the future of stablecoins has long been unclear due to regulatory uncertainties. However, with the passage of the "Guidance and Establishment of the United States Stablecoin National Innovation Act", or the GENIUS Act, in the Senate, this uncertainty has significantly diminished.

According to the report, the passage of this bill aimed at bringing stablecoin innovation back to the US by the Senate was a much more challenging process compared to passing it through the House of Representatives. However, the bipartisan support for the bill indicates that stablecoin regulations in the US are now very close.

Analysts state that it is only a matter of time before stablecoins are used not only in coin trading pairs but also as cash equivalents. With the U.S. government's assessment of these assets as cash, it is anticipated that the demand for compliant stablecoins for short-term Treasury bills could significantly increase due to full reserve requirements.

Additionally, it is evaluated that the process of dollarization may gain momentum with the global adoption of GENIUS-compatible stablecoins, and that these digital assets could further strengthen the global influence of the US dollar.

*This is not investment advice.

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