Crypto community celebrates Senate vote on stablecoin bill as positive move for market

From Yahoo Finance: 2025-06-17 07:32:00

The Senate is set to vote on the GENIUS Act, which would establish federal oversight for stablecoins. Circle’s stock has surged 400% since the bill’s progress. The bill sets rules for issuing stablecoins and could lead to new entrants like Bank of America, Amazon, and Walmart exploring opportunities. The legislation aims to ensure stability and transparency in the stablecoin market. Treasury Secretary Bessent sees the U.S. stablecoin market growing to $2 trillion by 2028. 1. The stock market surged today, with the S&P 500 reaching a record high of 4,500 points. This increase was driven by positive economic data, including strong job growth and increased consumer spending. Tech stocks led the way, with companies like Apple and Amazon posting impressive gains.

2. In other news, the Federal Reserve announced that it will begin tapering its bond-buying program in response to the improving economic outlook. The Fed plans to reduce its monthly purchases by $15 billion, with the goal of ending the program by mid-2022. This decision reflects confidence in the economy’s recovery.

3. On the international front, tensions continue to rise between Russia and Ukraine, with reports of increased military activity along the border. The United States and European allies have expressed concern over Russia’s intentions, calling for a peaceful resolution to the conflict. The situation remains fluid, with the potential for further escalation.

4. In the world of sports, tennis star Naomi Osaka made headlines by announcing her withdrawal from the French Open. Osaka cited mental health concerns as the reason for her decision, sparking a conversation about athletes’ well-being and the pressures they face. The move was met with both support and criticism from fans and fellow players.



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