TechFlow, June 16 — According to CoinDesk, Wall Street brokerage Bernstein said in a research report released on Monday that the U.S. Senate's GENIUS Act is set to be voted on this week and is expected to pass into law within the coming months.
The report stated that once passed, stablecoins are expected to evolve from "the monetary rails of cryptocurrency" to "the monetary rails of the internet." The GENIUS Act aims to bring stablecoin innovation back to the United States and provide a first-mover advantage for regulated U.S. issuers.
Bernstein noted that the bill makes it difficult for non-financial public companies to become stablecoin issuers, meaning e-commerce and tech platforms seeking to adopt stablecoins may need to partner with regulated U.S. issuers.
