#GENIUSActPass GENIUSActPass

U.S. Senate Passes GENIUS Act to Regulate Stablecoins, Marking Crypto Industry Win

Ji Kim, the Acting CEO of the Crypto Council for Innovation, called it a "historic step forward for the digital asset industry," in a prepared statement shared ahead of the vote

With this bill, the United States is one step closer to becoming the global leader in crypto," said Senator Bill Hagerty, the Tennessee Republican who sponsored the bill, as the Senate prepared to vote on Tuesday. "The value of stablecoins will be pegged to the U.S. dollar and backed one-to-one by cash and short-term U.S. Treasuries. This will provide certainty and confidence for more wide-scale adoption of this transformational technology.”