The critical day has come for the Genius Act, one of the regulations that the cryptocurrency world has been waiting for a long time. The US Senate will determine the fate of the bill with its final vote at around 23:30 this evening. If there are at least 51 “yes” votes in the Senate, the bill will be moved to the House of Representatives. This step could pave the way for the formation of much more specific legal frameworks for crypto assets, especially stablecoins.
What does the Genius Act aim to do?
The Genius Act aims to create a legal basis for digital assets known as stablecoins, whose value is generally pegged to fiat currencies such as the US dollar. These assets, which have been on the agenda for years due to lack of regulation, are now used by millions of people for payment, savings and trade purposes. The bill aims to fill the gaps in this area, increase investor confidence, reduce institutions’ distance from crypto, and make the US a global leader in digital finance.
The bill, which has prominent Republican supporters such as Senator John Thune and Senator Bill Hagerty, is seen as an opportunity not only for financial innovation but also for the US dollar to maintain its effectiveness in the digital age. Hagerty emphasized the strategic importance of the bill by saying, “If we do not act, digital dollar innovation will shift to other countries.”
Tech giants take action
Another development that drew attention before the vote was the stablecoin plans of giant companies. While claims that Amazon and Walmart were working on their own stablecoin projects came to the fore last week, JPMorgan also filed a trademark application for a crypto asset called “JPMD.” All these moves show that companies are preparing to enter this market quickly if the legal ground is formed.
While support for the bill is strong, there are also quite loud voices of opposition. Democratic Senator Elizabeth Warren, in particular, warns that the regulation could pave the way for tech billionaires and large companies to issue cryptocurrencies that could become data collection tools. “If Congress does not fix this law, billionaires like Elon Musk and Jeff Bezos can launch stablecoins that collect your data and track your habits. Then when they fail, they seek government bailout,” he said, clarifying his opposition to the bill.
Similarly, Senator Jeff Merkley is concerned that the system will pave the way for companies that issue coins for their own benefit. Critics argue that if the regulation does not provide sufficient oversight mechanisms, the system could be corrupted.
Markets hold their breath
The crypto market is quite cautious ahead of this critical vote. While some assets, especially Ethereum, are experiencing fluctuations, stablecoins (such as USDT, USDC) are moving as balanced as usual. However, various signals that large investors are changing their positions indicate that volatility may increase after the vote.
If the Genius Act passes the Senate, it will move on to the House of Representatives stage. This means that the long-awaited comprehensive regulation for stablecoins in the US could finally become law. Today’s vote could be a turning point not only for the US, but also for the global crypto ecosystem.
