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The U.S. Senate passed the "Stablecoin Act GENIUS" with a high vote, is Musk's X coin on the way?
The GENIUS Act, proposed by U.S. Senator Bill Hagerty, was passed with an 18:6 vote in the final review of the U.S. Senate Banking Committee this morning. Next, it will be transferred to the House for review. The legislation aims to define payment stablecoins, establish a regulatory framework for issuers, and promote responsible innovation while protecting consumers. If successful, it may lead to a wave of bank-issued stablecoins, expanding liquidity in the cryptocurrency market. However, there are concerns raised by Senator Elizabeth Warren regarding potential risks associated with this legislation.