📍The US Senate gives the green light to the GENIUS stablecoin bill

📌 With 68 votes in favor, the US Senate has passed the initial step for the GENIUS Act – the first framework bill on stablecoins. The content requires that stablecoins must be 100% backed by USD or high-liquidity assets, and mandatory audits if the market cap exceeds $50B.

📌 Goal: to create a transparent legal framework, protect users, and attract capital back to the US financial system through stablecoins.

📌 Despite receiving much support, GENIUS is still controversial due to concerns about politicization in the upcoming election context. Some lawmakers argue that the law is not strict enough to control systemic risks.

📌 The bill will continue to be reviewed by the House of Representatives and may need adjustments if it differs from the STABLE Act version. The legislative completion deadline is expected before August 2025.

💭 If passed, GENIUS will be the first legal framework to help legalize stablecoins in the US – a major turning point for the crypto market.