Consensus has been reached on 90% of the GENIUS Act, a significant U.S. stablecoin bill, addressing both ethical concerns and regulatory requirements. Mandating 100% reserve backing for issuers comes with audit obligations for larger firms.
Senate negotiators emphasize stricter controls on stablecoin interests for government officials, indicating a push for increased scrutiny as negotiations progress.
Market responses are cautiously optimistic, reflecting minor fluctuations in stablecoin prices. This legislation could reshape stablecoin regulation, enhancing market stability and trust.
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