#GENIUSActPass The GENIUS Act-short for Guiding and Establishing National Innovation for U.S.

Stablecoins-is making serious waves in

U.S. crypto legislation. As of now, the Senate has voted 68-30 to advance the bill, clearing a major procedural hurdle known as cloture, which limits further debate and sets the stage for a final vote 1.

If passed, the GENIUS Act would establish a regulatory framework for stablecoins-cryptocurrencies pegged to assets like the U.S. dollar. The bill includes provisions like:

• Requiring stablecoins to be fully backed by U.S. dollars or similarly liquid assets.

• Annual independent audits for issuers with over $50 billion in market value.

• Disclosure of stablecoin holdings over $5,000 by members of Congress and Executive Branch officials