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The crypto-related legislation, including the GENIUS Act, which would mark the first time the U.S. sets federal rules for stablecoins, a $260 billion corner of the crypto market that underpins most digital asset trading still face more roadblocks.
The legislation which aims to establish federal rules for stablecoins and clarify oversight of digital assets establishes full-reserve requirements, mandates monthly audits, and creates a path for private companies to issue regulated digital dollars under the support of the U.S. government.
The GENIUS Act passed the Senate last month, which is a milestone for the crypto industry. But he U.S. House of Representatives failed to clear a key procedural hurdle, implying House blocks key procedural vote on stablecoin legislation, which dealt a major setback to the digital asset industry, that had regarded this week as a turning point for regulatory clarity in Washington.
Prior to the vote, optimism around crypto regulation has helped drive Circle, which is the stablecoin issuer soared in value shares up since the company’s IPO in June. Circle fell about 5% after the vote. Crypto exchange Coinbase and bitcoin miner MARA Holdings both slipped about 2%.
Even after the drop of share price, Circle shares are still up more than sixfold from its IPO price. The company is the issuer of USDC, the second-largest dollar-pegged stablecoin, with about 24% of the global market.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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