#GENIUSActPass

The United States Senate voted "in favor" of stablecoins! The GENIUS Act has passed with a good score — 68 "yes" against 30 "oh, I'm not sure". Now the ball is in the court of the House of Representatives.

💵 The gist: they want to bring order to the world of stablecoins — tokens must be backed by one dollar for one dollar, issuers must undergo audits and behave appropriately (i.e., combat money laundering and be as transparent as glass).

📜 The author of the bill — Republican Senator Bill Hagerty, believes that this law will help the United States remain the financial boss in the world of Web3.