crypto news302
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#GENIUSAct
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) has recently advanced in the U.S. Senate, marking a significant step toward establishing a federal regulatory framework for payment stablecoins.
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🏛️ Legislative Progress
On May 21, 2025, the Senate passed a procedural motion with a 69–31 vote, allowing the GENIUS Act to move closer to a final vote expected after the Memorial Day recess. This bipartisan support reflects growing consensus on the need for clear regulations in the rapidly evolving digital asset space.
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📜 Key Provisions of the GENIUS Act
Stablecoin Issuer Requirements: Issuers must maintain 100% reserve backing with U.S. dollars or short-term Treasuries, ensuring stability and consumer protection.
Anti-Money Laundering (AML) Compliance: Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act, requiring them to implement AML programs and comply with sanctions regulations.
Consumer Protections: The Act mandates monthly public disclosures of reserve compositions and annual audited financial statements for issuers with over $50 billion in market capitalization.
Ethics and Governance: The legislation clarifies that existing ethics laws apply to members of Congress and senior executives involved in stablecoin issuance, addressing concerns about potential conflicts of interest.
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📸 Visual Highlights
Here are some images related to the GENIUS Act:
Senate Advances GENIUS Act:
GENIUS Act Overview:
GENIUS Act Passes Key Senate Vote:
GENIUS Act Legitimizes Stablecoins:
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The GENIUS Act represents a pivotal moment in the regulation of digital assets, aiming to provide clarity and security in the stablecoin market. As the bill moves toward a final vote, stakeholders across the financial and technological sectors are closely monitoring its progress.
Let me know if you would like more detailed information or further updates on this topic.
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) has recently advanced in the U.S. Senate, marking a significant step toward establishing a federal regulatory framework for payment stablecoins.
---
🏛️ Legislative Progress
On May 21, 2025, the Senate passed a procedural motion with a 69–31 vote, allowing the GENIUS Act to move closer to a final vote expected after the Memorial Day recess. This bipartisan support reflects growing consensus on the need for clear regulations in the rapidly evolving digital asset space.
---
📜 Key Provisions of the GENIUS Act
Stablecoin Issuer Requirements: Issuers must maintain 100% reserve backing with U.S. dollars or short-term Treasuries, ensuring stability and consumer protection.
Anti-Money Laundering (AML) Compliance: Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act, requiring them to implement AML programs and comply with sanctions regulations.
Consumer Protections: The Act mandates monthly public disclosures of reserve compositions and annual audited financial statements for issuers with over $50 billion in market capitalization.
Ethics and Governance: The legislation clarifies that existing ethics laws apply to members of Congress and senior executives involved in stablecoin issuance, addressing concerns about potential conflicts of interest.
---
📸 Visual Highlights
Here are some images related to the GENIUS Act:
Senate Advances GENIUS Act:
GENIUS Act Overview:
GENIUS Act Passes Key Senate Vote:
GENIUS Act Legitimizes Stablecoins:
---
The GENIUS Act represents a pivotal moment in the regulation of digital assets, aiming to provide clarity and security in the stablecoin market. As the bill moves toward a final vote, stakeholders across the financial and technological sectors are closely monitoring its progress.
Let me know if you would like more detailed information or further updates on this topic.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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