In the major development of the crypto world, investors are increasingly becoming confident. The United States will soon pass a key law to regulate payment stablecoins. This belief follows a strong push from President Donald Trump and a crucial role in the Senate.
What happened?
Yesterday, the digital betting platform Polymarket showed an 89% chance that the GENIUS Act will pass from both the chambers of Congress and become law before 2026.
Source: Polymarket
This market was launched about 18 hours after the Senate vote and gained attention very fast.
The bill passed in the Senate with strong support, and now all the eyes are on the House of Representatives. The bill looks to establish clear regulations for stablecoins, which are digital assets linked to the U.S. dollar's value.
On Tuesday, the Senate passed the bill with 68-30 votes which shows broad political support.
How will the GENIUS Act impact Stable Coins & Crypto Space at large?
The GENIUS Act, named as Guiding and Establishing National Innovation for U.S. The Stablecoins Act was passed in the Senate with strong support from both the parties. But for becoming a law, it still needs approval from the House. If the House agrees to the version, it goes straight to the President. If they make any changes, the bill will have to return to the Senate, which could cause delays.
It is strongly supported by the world of cryptocurrency. As it is designed to make stablecoins that are safe and more reliable for everyday use and make people confident to use it.
The act targets the issue by ensuring stablecoins remain tied to the value of fiat currencies like the US dollar. Maintaining that link is crucial- especially in light of past failures like the collapse of TerraUSD in 2022.
Approval of GENIUS Act will bring several important impacts-
- Only authorized bodies would have the permission to issue stablecoins.
- Issuers would need to be tied with strict reserve rules which includes separating user funds, regular financial reporting, and maintaining a minimum amount of capital.
- Gives strong safeguard against money laundering and terrorist financing would be required.
- Oversight would be handed to existing regulatory bodies such as the Federal Reserve, Office of the Comptroller of the Currency, and to the FDIC.
- If anyhow, the issuer or custodian goes bankrupt then the stablecoin holders would be given higher priority in the fund recovery6.
GENIUS Act Heads to House, Trump's Signature Awaits?
President Donald Trump has commended the US Senate for passing the GENIUS .
He said a new law aimed at regulating stablecoins which is tied to the US dollar. He called it a “great move” and expressed his enthusiasm for the Senate’s good move towards GENIUS Act.
Now he is urging the House of Representatives to pass it quickly, without making any changes over it.
In a post on Truth Social, Trump said the bill would help the US to stay ahead in the fast-growing crypto world. He wants the house to act fast. So, the bill can reach his desk for final approval as soon as possible.
Source: Truth.
Conclusion:
With a strong fair support in the Senate and a public push from President Trump, the GENIUS is gaining rapid momentum. If passed by the house, this landmark could bring much needed clarity, safety and trust to the stablecoin market. It will mark a major step forward in the US crypto regulatory landscape.
All eyes are now on the House– and potentially, the President’s Desk!
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