The genius of the Senate, an important piece of the US StableCOin regulation, must be elected this week and should be transferred to the law for the next few months, Wall Street broker Bernstein said in a research report on Monday.
Stableecoins are cryptocurrencies whose value is bound to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets that provide a payment infrastructure and are also used to transfer money internationally.
Once the law has been passed, Bernstein said it expects “StableCeOins to develop from Crypto Money Rail to the Internet Money Course.”
The action, whose full name controls and establishes National Innovation for US StableCoins ACT, is designed to bring stableCOin -innovation back to the country, noticed the report, adding that it gives a lead to us regulated issuers.
It requires federal regulation for stableecoins with a market capital of over $ 10 billion with the potential of state regulation if it is in line with federal rules.
The bill treats stableecoins as digital cash, and its intention is to drive a wider mainstream resolution for payments in addition to simply using these cryptocurrencies as a settlement currency for digital assets, the report said.
Genius Act “makes it unaffordable for non-financial public companies to become stablecoin issuers,” Bernstein said, noticing the recent reports that said Amazon and Walmart investigated using these cryptocurrencies.
If e-commerce and tech platforms want to adopt these cryptos, they will probably have to work with regulated US issuers instead of issuing their own stableecoins, the report added.
Read more: StableCOins to go mainstream in 2025 after US regulatory progress: Deutsche Bank
