The U.S. Senate plans to hold a final vote on the GENIUS Act next Tuesday.

According to a report by Crypto in America on June 13, the U.S. Senate plans to hold a final vote on the GENIUS Act next Tuesday, which, if passed, will be submitted to the House for consideration. The bill aims to establish a clear regulatory framework for stablecoins and their issuers. Treasury Secretary Scott Bessent anticipates that this could drive the dollar stablecoin market from its current $250 billion to $2 trillion by 2028. Wall Street is highly concerned, as stablecoins are backed by U.S. Treasury bonds, and market expansion could increase government debt demand and alleviate upward pressure on interest rates. Meanwhile, the House market structure legislation (CLARITY Act) has been passed by the committee and is about to be voted on by the full House, but there are concerns in the industry regarding provisions that grant excessive power to the SEC.