GENIUS Act could reshape US crypto regulation to solidify dollar's role in digital economy

From CoinTelegraph
June 17, 2025 3:18 pm:

The GENIUS Act faces a crucial vote in the US Senate, which could lead to stablecoin regulation. A 68-30 vote advanced the bill, sparking hope for regulatory clarity in the industry. However, critics, like Senator Elizabeth Warren, raise concerns about potential misuse and lack of safeguards. Proposed amendments aim to prevent conflicts of interest in stablecoin issuance.

If enacted, the GENIUS Act could reshape US crypto regulation, solidifying the dollar’s role in the digital economy. The bill would establish oversight for stablecoins, requiring 1:1 backing, audits, and AML compliance. Industry experts view the Act as a bridge between traditional finance and blockchain payments, fostering global interoperability.

The legislation could impact the regulation of programmable money and stablecoins, potentially impacting the future of CBDCs. Industry leaders see the bill as a way to legitimize stablecoins and integrate them into the financial system. The GENIUS Act may strengthen the US dollar’s dominance in the digital economy, countering de-dollarization efforts.

Stablecoins pegged to the dollar play a significant role in the crypto market, with USDT and USDC accounting for the majority of the stablecoin market cap. The GENIUS Act could enhance the dollar’s influence in the digital economy, potentially refuting de-dollarization efforts. Critics argue that dollar-backed stablecoins are a powerful financial tool in the 21st century.

Read more at CoinTelegraph: GENIUS Act Could Establish Dollar Dominance, Write ‘Rulebook’