#GENIUSAct

The Senate has voted 66-32 to advance the GENIUS Act, marking a major step toward establishing the first federal framework for stablecoins.

Key Highlights:

Dual Regulatory Oversight:

State regulators will oversee issuers with assets under $10 billion.

Federal agencies will supervise larger issuers.

Strong Reserve Requirements:

Issuers must maintain full asset backing and conduct monthly audits, aimed at preventing collapses like Terra.

Bipartisan Support:

The revised bill removes politically sensitive clauses linked to the Trump era, shifting focus to consumer protection.

Why It Matters: With the stablecoin market now exceeding $250 billion, the U.S. faces growing pressure to match international frameworks like the EU’s MiCA. The GENIUS Act could encourage institutional adoption—Visa recently invested in the stablecoin platform BVNK, signaling market readiness.

What’s Next: A final Senate vote is expected by Memorial Day.