The GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, passed the Senate Banking Committee by a vote of 18–6 on March 13.

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Fed’s shift marks end of us regulatory hostility

The Federal Reserve’s decision may be a “meaningful turning point” for Bitcoin’s institutional adoption in the US, according to Eneko Knörr, co-founder and CEO of Stabolut, a yield-bearing stablecoin project.

“Up until now, US regulatory hostility made it virtually impossible for traditional financial institutions to participate in this space,” Knörr told Cointelegraph.

“With the recent shift in the Fed’s guidance, the door is finally open. This unlocks an enormous opportunity for banks — one that until now has been dominated by players like Coinbase and other crypto-native firms,” Knörr added.

Knörr added that banks are now likely to move quickly to meet client demand and retain market share previously captured by crypto-native firms like Coinbase.

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Bitcoin adoption among financial institutions is also lagging in Europe, with less than 20% of European banks offering crypto services, despite the rising investor demand and regulatory clarity in the region.

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