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Breaking : US Senate passed The Genuis Stablecoin Bill
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#GENIUSActPass The U.S. Senate has recently passed the "GENIUS Act," a landmark bill aimed at establishing a regulatory framework for stablecoins. This significant bipartisan legislation, formally known as the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," passed with a 68-30 vote. The GENIUS Act seeks to bring stability and oversight to the rapidly growing stablecoin market. Key provisions include requiring stablecoin issuers to back their tokens with a 1:1 reserve of liquid assets, such as U.S. dollars and short-term Treasury bills. Issuers will also be mandated to publicly disclose their reserve compositions monthly and adhere to stringent anti-money laundering (AML) norms. This bill marks a pivotal moment for the cryptocurrency industry, providing much-needed clarity and potentially positioning the U.S. as a leader in digital asset regulation. The bill now moves to the House of Representatives for further consideration.
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