$USDC Breaking news: The United States Senate passes important GENIUS Stablecoin bill

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The U.S. Senate's stablecoin bill was just passed with a dominant vote of 68-30 on Tuesday, marking a significant milestone in efforts to build cryptocurrency policy in the U.S. Strong support from Democratic senators — alongside Republican members — provided great momentum for the bill as it moves to the House of Representatives.

The bill, named the “GENIUS Act,” establishes a legal framework to oversee and approve stablecoin issuing organizations in the U.S., including tokens pegged to the USD such as Circle's USDC, Ripple's RLUSD, and Tether's USDT. Accordingly, companies issuing stablecoins for U.S. users will have to comply with strict asset reserve requirements, operational transparency, anti-money laundering measures, and be subject to oversight by regulatory agencies — likely accompanied by new capital regulations.