Core Viewpoint - The U.S. Senate's passage of the Stablecoin Regulatory Framework Act marks a significant turning point for the cryptocurrency industry, establishing a regulatory framework for stablecoins for the first time and filling a decade-long legal void [1][2][3]. Group 1: Legislative Developments - The Senate approved the GENIUS Act with a vote of 68 to 30, creating a regulatory system for stablecoins pegged to the U.S. dollar [2][3]. - The act requires stablecoins to hold an equivalent amount of short-term government debt or similar products as reserves, and they will be subject to oversight by state or federal regulators [4]. - The act is seen as a response to the substantial financial contributions made by the cryptocurrency industry to elect a "crypto-friendly" Congress [3]. Group 2: Market Implications - Analysts predict that stablecoins will evolve from being mere connectors of crypto assets to becoming a new infrastructure for global payments, with a potential market size of $1.6 trillion to $3.7 trillion by 2030 [1][7]. - JPMorgan is launching a stablecoin called JPMD, which will serve as a digital representation of commercial bank deposits, providing 24-hour settlement services and interest payments to holders [1][8]. - The regulatory clarity provided by the new legislation is expected to drive significant growth in the stablecoin market and facilitate cross-border payments [7]. Group 3: Industry Reactions - The legislation has garnered bipartisan support, with key figures in the government advocating for the benefits of stablecoins in increasing global demand for the U.S. dollar and U.S. bonds [3]. - Concerns have been raised by some lawmakers regarding consumer protection in the event of issuer failures, indicating ongoing debates about the adequacy of the proposed regulations [5].