💥💥💥Do you know about the bill called GENIUS?💥💥💥
The adoption of stablecoins by institutions could increase as the United States Senate prepares to debate a key law aimed at regulating the sector.
After failing to gain the support of leading Democrats on May 8, the U.S. Stablecoin Innovation and Establishment Guidance Act (GENIUS) was passed by the U.S. Senate in a procedural vote of 66-32 on May 20 and is now headed for a full Senate debate.
The bill aims to establish clear standards for the collateralization of stablecoins and require compliance with anti-money laundering laws.
"This law not only regulates stablecoins but legitimizes them," said Andrei Grachev, managing partner of DWF Labs and Falcon Finance.
It sets clear standards, and clarity builds trust. That’s what institutions have been waiting for," Grachev told Cointelegraph during the daily X Spaces program of Chain Reaction on May 20, adding:
Stablecoins are no longer a crypto experiment. They are a better form of money. Faster, simpler, and more transparent than fiat money.
It’s only a matter of time before they become real value by default.
And what do you think? Do you believe this is the beginning of official cryptocurrency adoption as a form of payment worldwide?
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