#GENIUSActPass

The Senate approved the "GENIUS" Act with a majority of 68 votes to 30, representing a significant achievement in regulating stablecoins¹². This law aims to establish the first comprehensive federal framework for regulating stablecoins in the United States.

The "GENIUS" Act requires that stablecoins be fully backed by the US dollar or its equivalent in liquid assets, with mandatory annual audits for issuers with a market value exceeding $50 billion². The law also imposes stricter rules on stablecoins issued abroad and prohibits stablecoins with yields that could compete with traditional deposits³.

While the bill received support from some lawmakers and industry leaders, others raised concerns about its potential impact on innovation and consumer protection³. For example, Senator Elizabeth Warren expressed concerns about the bill's lack of protections and potential inequalities, particularly regarding allies of President Trump and some cryptocurrency platforms². The bill will now be referred to the House of Representatives, where it will undergo further scrutiny and potential amendments¹. If passed, the GENIUS Act could have significant implications for the cryptocurrency sector, potentially stimulating growth and investment in this area¹.