#GENIUSActPass The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, has passed a crucial vote in the US Senate with a 68-30 majority, paving the way for a final vote. This bill aims to regulate stablecoins, requiring them to be fully backed by US dollars or comparably liquid assets. Here's what's happening:Key Provisions

Stablecoin Backing

Stablecoins must be fully backed by US dollars or similar assets.

will hold a final vote, likely on Monday, before sending the bill to the House of Representatives.

- *House Version*: The House has its own version of stablecoin legislation, and lawmakers will need to work out differences before sending a unified bill to the president.

The GENIUS Act's passage could mark a significant step in regulating stablecoins and potentially boosting the crypto industry.