Ripple CEO Brad Garlinghouse has called for swift legislative action on stablecoins in the US. He emphasizes the global increase in stablecoin usage, arguing that clear rules are needed to fully harness this technology’s benefits.
The GENIUS Act, intended to regulate stablecoins, did not advance in the Senate, with Senator Ruben Gallego mentioning insufficient time for Democrats to review its changes. A revised version may be considered soon.
Treasury Secretary Scott Bessent warns that the bill represents a critical chance to maintain US dollar dominance, cautioning against innovation moving abroad. Galaxy CEO Mike Novogratz insists bipartisan support is essential for the legislation’s success.
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