The US Senate passed the GENIUS Act on Tuesday, making it the first time that politicians have passed a cryptocurrency-focused legislation. The bill passed with 68 votes, with two Republican senators voting against it. This article looks at its key provisions and the top crypto to buy.
What is in the GENIUS Act?
The GENIUS Act stands for the Guiding and Establishing National Innovation for US Stablecoins. It is a major legislation that seeks to regulate the growing stablecoin industry, which is worth over $250 billion.
Analysts anticipate that the total sums in these stablecoins will surge to trillions of dollars in the next decade.
The bill has several provisions. For example, it mandates that stablecoins be backed 1:1 with US dollars, short-term Treasuries, or similar assets. It also ensures effective AML provisions and record-keeping.
In addition, the bill limits large nonfinancial services companies like Google and Walmart from issuing these stablecoins. In an emailed statement to BanklessTimes, Liat Shetret, Vice President of Global Policy and Regulation at Elliptic said:
“Stablecoins are actively becoming a foundational component of the global financial system. By advancing the GENIUS legislation and similar bills, the Senate is recognizing its role in providing financial stability and protecting consumers—shaping legislation to secure the nation’s interests by moving this bill forward.”
Top Crypto to Buy After the GENIUS Act
The top crypto to buy after the Senate passed the GENIUS Act are Ripple (XRP), Stellar (XLM), and Bitcoin Pepe (BPEP).
Ripple (XRP)
XRP is a top altcoin to buy after the Senate passed the GENIUS Act because it is a fast-growing player in the industry. Ripple Labs launched the RLUSD stablecoin that is backed 1:1 by the US dollar late last year. This stablecoin has now attracted over $400 million in assets.
Therefore, RLUSD may gain more traction now that the GENIUS Act has passed. For one, it is unclear whether Tether will seek to register and comply with the act, which may see more people move to RLUSD.
XRP is also a top coin to buy because of the rising odds of spot XRP ETF approval by the Securities and Exchange Commission (SEC). Such approval will lead to immediate inflows from institutions.
Stellar (XLM)
Stellar, often known as XRP’s cousin, is another top crypto to buy after the stablecoin regulations bill.
While Stellar does not have its own stablecoin, its business revolves around USD Coin, the second-biggest stablecoin in the industry. It holds millions of dollars worth of USDC coins.
Stellar has also inked deals related to USDC. In particular, it has a deal with MoneyGram that helps customers send and receive stablecoins in its global locations.
While no asset manager has applied for a Stellar ETF, there is a chance that one will do if the SEC approves a spot XRP ETF.
Bitcoin Pepe (BPEP)
Bitcoin Pepe is another top crypto to buy today as the countdown to its exchange listings continues.
Data shows that the project is about to hit the $15 million fundraising milestone, a trend that accelerated after it unveiled that it will be listed on Uniswap and BitMart on Tuesday. It will next unveil the other crypto exchange that will list it later this month.
Bitcoin Pepe has become a highly popular crypto project because of its intention to disrupt the meme coin industry. It will do that by creating a layer-2 chain for Bitcoin, enabling users to launch meme coins with ease.
The benefit of buying Bitcoin Pepe today is that the developers are giving buyers a 30% bonus after the first purchase. There are also odds that the token will go parabolic after its exchange listing. You can buy Bitcoin Pepe here.
