The Senate's passing of the Genius Act signals a crucial step toward regulating the burgeoning stablecoin market, highlighting a shift towards mainstream acceptance. Although there was significant political investment in favor of crypto regulation, this push comes not out of a financial crisis but from evolving market dynamics and substantial political contributions. Stablecoins, pegged to the U.S. dollar, are gaining traction beyond trading, with increasing adoption by traditional companies for payments and payroll as the regulatory climate becomes more favorable.
Even if you wouldn't touch crypto with a ten-foot pole, the near passage of a stablecoin bill has pushed the sector dangerously close to the mainstream.
The push for crypto bills did not spring into existence because of a financial crisis. In fact, the opposite happened, with legislative efforts stalling after the collapse of Sam Bankman-Fried's crypto exchange FTX in late 2022.
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