#GENIUSActPass The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, has made significant progress in the US Senate. Here's a breakdown of its current status

- *Current Status*: The bill has passed a crucial cloture vote in the Senate with a bipartisan vote of 66-32, marking a key step toward establishing a regulatory framework for stablecoin issuers.

- *Next Steps*: A final vote on passage is expected after Memorial Day, with the bill potentially becoming law later this year.

- *Regulatory Framework*: The GENIUS Act aims to create a comprehensive regulatory framework for stablecoin issuers, addressing issues of consumer protection, financial stability, and transparency.

- *Key Provisions*:

- *Licensing Requirements*: Stablecoin issuers must meet specific licensing requirements to operate within the US.

- *Reserve Requirements*: Issuers must maintain reserves backed by tangible, liquid assets such as US Treasury bills, cash deposits, or other highly liquid, low-risk assets.

- *Consumer Protection*: The act requires issuers to provide monthly audited reports on their reserves and imposes criminal penalties for providing false information.

The GENIUS Act has received bipartisan support, with Senators Bill Hagerty, Tim Scott, Cynthia Lummis, and Kirsten Gillibrand co-sponsoring the bill. Its passage could pave the way for clearer rules governing the growing crypto industry, particularly for stablecoin issuers who have long operated in regulatory uncertainty