Senate to Vote on GENIUS Act: Aims to Regulate Stablecoins Amidst Industry Optimism and Skeptic Concerns

The U.S. Senate is scheduled to vote this Thursday on the GENIUS Act, a stablecoin bill that could significantly impact the cryptocurrency industry. Introduced by Republican Sen. Bill Hagerty and co-sponsored by Democratic Sen. Kirsten Gillibrand, the bill aims to establish a dual regulatory framework for stablecoin issuers, allowing them to register with either state or federal authorities. Stablecoins, which are cryptocurrencies pegged to government-backed currencies like the U.S. dollar, are primarily used for crypto trading but could potentially become a payment method for consumers and businesses. However, Democratic Sen. Elizabeth Warren opposes the bill, cautioning that it could lead to a Big Tech takeover of the dollar, potentially allowing companies like Elon Musk's 'X Money' to dominate payments with minimal oversight. The outcome of the vote could be a major catalyst for the cryptocurrency market.