The U.S. Senate advanced the GENIUS Stablecoin Act on May 19 with a 66-32 procedural vote, signaling growing regulatory clarity for the $250 billion stablecoin market. The bill mandates full reserves, regular audits, and bans unbacked algorithmic stablecoins. If enacted, it would be the first federal stablecoin law, potentially reshaping the crypto landscape.
Ding Zhaofei, chief analyst at HashKey Group, told Caijing that the bill’s imminent passage could unlock “hundreds of billions in new capital” for crypto markets. The SEC has also begun drafting crypto-related rules, further bolstering institutional confidence.
Glassnode data reveals Bitcoin’s illiquid supply hit a historic peak, suggesting institutional accumulation rather than retail speculation. Spot Bitcoin ETFs continue to see inflows, reinforcing Bitcoin’s “store of value” narrative despite macroeconomic uncertainties, including Moody’s U.S. credit rating downgrade.
Related Topics:
- The Australian Exchange has requested the High Court to clarify its ruling on the legal application of crypto asset income products
- Nasdaq-listed company BTCS added 8.4 million Ether to the company’s liquidity pool
- Hong Kong has passed a stablecoin bill to establish a licensing system in response to global competition
