Officials estimate that Genius is key to maintaining the global hegemony of the dollar.
According to BO HIES, the Genius law will provide regulatory clarity and modernize the payment system.
The Secretary of the United States Treasury, Scott Besent, said today that the Stablecoins market could reach 3.7 billion dollars before the decade ends.
The official considered that This scenario is more possible with an approval of the genius lawa legislative initiative that seeks to regulate the issuance and operation of the currencies linked to the dollar.
According to Besent, “an Ecosystem of Prospero Stablcoins will boost the demand of the private sector by US Treasury bonds,” in view of the fact that these instruments serve as direct support for these cryptocurrencies.
In his opinion, this would allow reducing the costs of indebtedness of the government, would help control national debt and would facilitate the incorporation of millions of new users worldwide to a dollar -based digital economy.
«The private sector wins, the treasure wins and consumers too. These are the fruits of intelligent legislation and pro-innovation », wrote The Treasury Secretary, highlighting what considers a multiple positive impact of the initiative.
For its part, Bo Hines, who presides over the Presidential Council of Advisors on Digital Assets, He showed Optimistic of the possible approval of the law in the Senate.
According to its vision, this legislation will modernize the country’s payment system, will consolidate the leadership of the United States in financial innovation, will protect the role of the dollar as a global reserve currency and will offer a clear regulatory framework for the Stablecoins ecosystem.
“The future of finance is here, and the United States is ready to lead it,” Hines summarized about the initiative.
There were also reactions from the business sector. Jeremy Allaire, co -founder and CEO of Circle – Emisora of the USDC Stablecoin, the second stablecoin with greater market capitalization -,, He replied to Besent’s publication. He described the law as “a true genius”, making a word game with the name of the project in English, Genius.
The National Innovation Orientation and Establishment Law for Stablecoins (Genius) is about to face a key vote in the United States Senate today. If approved, it will advance towards the House of Representatives, where you will also have to be submitted to debate.
Then, if the representatives approves Genius as it is, the project will be sent directly to President Donald Trump for promulgation or veto. Otherwise, both cameras must reconcile their versions before proceeding with their delivery to the president’s desk.
As Cryptonotics reported, the proposal establishes strict requirements for Stablecoins emitters, such as total support in dollars or equivalent liquid assets, in addition to periodic audits.
