Market News

New US Crypto Law Advances as Institutions Eye Stablecoins

The U.S. Senate has approved the GENIUS Act, aimed at establishing robust regulations around stablecoins, with a significant vote of 68 to 30.

This legislative effort is seen as a crucial step towards fostering innovation while ensuring national security, according to Republican Senator Tim Scott.

The bill mandates that stablecoin issuers fully back their assets with U.S. dollars or equivalent liquid assets and includes annual audit requirements for major issuers.

In support of the bill, President Donald Trump's advisors plan to recommend its signing, demonstrating bipartisan commitment to crypto regulation.

U.S. Bancorp is also showing renewed interest in stablecoins, observing a resurgence in demand for its crypto custody services under the current administration.

The bank's CEO noted that regulatory clarity is crucial for institutional investors, and they are exploring potential partnerships for stablecoin issuance.

Meanwhile, Interactive Strength Inc. is set to create a $500 million crypto treasury focused on FET tokens, the token linked to the Fetch.ai project.

This initiative aims to merge artificial intelligence with cryptocurrency, aspiring to enhance TRNR’s financial flexibility and digital offerings.

While FET's immediate price performance has not shown a surge, analysts believe that a breakout could occur soon, positioning the token for potential recovery.

Overall, the evolving legal landscape and institutional engagement indicate a promising trajectory for cryptocurrencies in the U.S. market.