US Senate schedules final GENIUS Act vote for June 17

The U.S. Senate is scheduled to hold a final vote on the GENIUS Act next Tuesday to decide the federal framework for stablecoins and their issuers.

The bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandating annual audits for issuers with more than $50 billion in market capitalization.

If passed, the GENIUS Act will head to the House of Representatives for further voting, which is also advancing its own stablecoin legislation, the STABLE Act.

Both the Senate and House must reach a consensus on their respective bills, which currently differ on issues such as state and federal regulation of stablecoin issuers, as well as the oversight of foreign issuers like Tether.