Senate Passes Stablecoin Bill

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Business

Business & Economics

Coinbase, Circle, SRM lead stock rally as Trump cheers GENIUS Act in another dream week for crypto

Summary

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74% Informative

The Senate passed a bill that would establish a federal framework for dollar-backed cryptocurrencies known as stablecoins.

The bill, known as the GENIUS Act , still needs approval from the House and President Trump .

Shares of Circle (CRCL), issuer of the world’s second -largest stablecoin ( USDC ), is up more than 77% through the week .

" The GENIUS Act has a major loophole allowing Big Tech companies and major retailers to issue their own private currencies structured as stablecoins," Warren said ahead of the bill's passage. "This bill shouldn't pass without amendments preventing these risks," she added. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance..

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formal

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English

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not hateful