On June 17, the U.S. Senate passed the GENIUS Act with a vote of 51 to 23, marking the first significant cryptocurrency legislation to be approved, aimed at establishing a federal regulatory framework for stablecoins. The bill requires that stablecoins must be fully backed by U.S. dollars or equivalent liquid assets, and issuers with a market capitalization exceeding $50 billion are required to undergo annual audits, with provisions for priority repayment in the event of foreign issuance and bankruptcy. The next step will be submission to the House of Representatives for review, where they must decide whether to advance their own version of the Stablecoin Transparency and Accountability for a Better Ledger Economy Act or adopt the GENIUS Act passed by the Senate. (The Block)

#BTCPrediction #FOMCMeeting