Congress Passes GENIUS Act Boosting Crypto Market 40% to $4 Trillion

The United States Congress has passed the GENIUS Act, a significant development in the regulation of digital assets. This legislation, along with the CLARITY Act and the Anti-CBDC Surveillance State Act, received bipartisan support, with the GENIUS Act passing with 308 votes in favor and 122 against. The GENIUS Act is now awaiting the President's signature, which is expected to provide a clear regulatory framework for fiat-backed stablecoins in the world's largest economy.

The passage of these bills has had a positive impact on the cryptocurrency market, with the total market capitalization surpassing $4 trillion for the first time. This surge is seen as a response to the regulatory clarity provided by the new legislation. The GENIUS Act, in particular, is expected to facilitate the development of payment stablecoin solutions that enhance transaction speed, reduce costs, and improve safety, all while maintaining robust risk safeguards.

In parallel, the meme coin market has also seen substantial growth, with its total value reaching $82 billion. This surge has been accompanied by the successful initial coin offering (ICO) of Snorter Token, which has raised over $2 million. Snorter Token, a Telegram-based trading bot, is targeting meme coin breakouts on the Solana blockchain, indicating a growing interest in decentralized finance (DeFi) and meme coins.

The passage of the GENIUS Act is a historic moment for the crypto industry, as it establishes the first clear regulatory framework for fiat-backed stablecoins. This development is expected to foster innovation and growth in the digital asset space, providing a more stable and secure environment for investors and users alike. The regulatory clarity provided by the GENIUS Act is anticipated to attract more institutional investors and mainstream adoption, further driving the growth of the cryptocurrency market.