#GENIUSAct 🍒🍒

The #GENIUSAct refers to the Guiding and Establishing National Innovation for US Stablecoins Act, a proposed bill aimed at regulating stablecoins in the United States. Here's what's happening with it ¹ ²:

- *Key Provisions:*

- *Dual Oversight*: Stablecoin issuers with assets under $10 billion will be overseen by state regulators, while larger entities will face federal scrutiny.

- *Reserve Requirements*: Issuers must maintain full asset backing and undergo monthly audits to prevent collapses like Terra's.

- *Consumer Protection*: The bill prioritizes stablecoin holders' claims in insolvency proceedings and mandates transparency.

- *Status:* The bill has advanced to the Senate floor with bipartisan support, passing a crucial procedural vote 66-32. A final vote is expected soon.

- *Impact:* If passed, the GENIUS Act could boost institutional adoption, enhance consumer confidence, and position the US as a leader in digital asset regulation.

- *Industry Support:* Coinbase's Chief Policy Officer, Friar Sherzad, calls stablecoin legislation a "national priority," emphasizing its potential to strengthen the dollar globally.

The GENIUS Act aims to balance innovation with financial stability, ensuring responsible growth in the stablecoin sector while reinforcing the US dollar's position in the global digital economy ¹.