Stablecoin pegged to the US dollar. (Source: ictvietnam)
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On June 17, the US Senate passed a bill outlining a legal framework for cryptocurrencies directly pegged to the US dollar, marking the first time a regulatory framework for stablecoins has been established, and laying the groundwork for transparency in the cryptocurrency market.
The Genius Act was passed with a vote of 68-30, receiving bipartisan support.
The bill will now move to the Republican-controlled House of Representatives before being sent to President Donald Trump to be signed into law.
The passage of the Genius Act by the Senate represents a significant milestone for US cryptocurrency regulation and aligns with President Trump’s promise to enact crypto-friendly regulations.
Bo Hines, head of the Presidential Advisory Council on Digital Assets, stated that the White House aims to have the Genius Act passed by the House before August to ensure a synchronized legal framework.
Stablecoins, cryptocurrencies pegged to the US dollar, are considered the safest and least volatile digital currencies due to their value being tied to traditional fiat currency. Their usage has been steadily increasing in recent years.
If enacted into law, the stablecoin bill would require tokens to be backed by liquid assets, including bank deposits, short-term treasury bonds, and cash.
Another provision of the bill gives regulatory authority over stablecoin issuers in the US to banking regulators. This legislation could extend the influence of the US dollar in the cryptocurrency world, with USD-backed stablecoins viewed as a financial safe haven from volatile local currencies.
The cryptocurrency industry has long advocated for legislation that creates clear rules for digital assets, arguing that a defined framework could lead to wider stablecoin adoption.
Previously, the US House of Representatives passed a cryptocurrency bill in 2024, but it was not taken up by the Senate.
However, some Democratic lawmakers have raised concerns about potential conflicts of interest involving President Trump and his family’s involvement in various cryptocurrency ventures.
Additionally, the bill would not prevent large tech companies from issuing their own stablecoins. Critics argue that the law should include stronger anti-money laundering measures and a ban on foreign stablecoin issuers.
Meanwhile, the US Conference of State Bank Supervisors has called for “significant changes” to mitigate financial stability risks.
Addressing these concerns, the White House has stated that there are no conflicts of interest involving President Trump, and his assets are held in a trust managed by his sons.
Lan Anh
– 16:55 18/06/2025
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