#MyTradingStyle GENIUS Act Passes in U.S. Senate: A Milestone for Stablecoin Regulation

Key Provisions of the GENIUS Act

Full Reserve Backing:

Monthly Audits:

Anti-Money Laundering Compliance: Issuers must adhere to strict anti-money laundering laws, aligning with existing financial regulations.

Expanded Issuer Eligibility: The bill opens the door for various entities, including banks, fintech firms, and major retailers, to launch their own stablecoins or integrate them into payment systems.

Implications for the Financial Sector

Senator Bill Hagerty (R-Tenn.), the bill’s chief sponsor, emphasized that the legislation is a vital step toward modernizing the nation's financial infrastructure and dismantling barriers between conventional financial markets and decentralized systems. Senate Banking Committee Chairman Tim Scott (R-S.C.) added that the bill represents a bold step forward for financial