Senate Passes GENIUS Act—Coinbase’s Brian Armstrong Calls It ‘Big Milestone,’ Scott Bessent Says Passage Could Drive Stablecoins Into A $3.7 Trillion Market
In a significant development, the Senate passed the GENIUS Act on Tuesday, a bill establishing the country’s first regulatory framework for dollar-pegged stablecoins.
Prominent names tied to the cryptocurrency industry soon took to social media to celebrate the passage.
What happened: Brian Armstrong, CEO of America’s largest cryptocurrency exchange, Coinbase Global Inc. (NASDAQ:COIN), called it a “big milestone.”
Paolo Ardoino, CEO of the world’s largest stablecoin-issuing company, Tether (CRYPTO: USDT), wrote “GENIUS” in a post, alongside the emojis of the U.S. national flag and the national bird, the bald eagle.
Jeremy Allaire, co-founder and CEO of the newly listed stablecoin company, Circle Internet Financial (NYSE:CRL), said that “history was being made” and the legislation would help “drive U.S. economic and national competitiveness” in the years to come.
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