#GENIUSActPass The #GENIUSActPass refers to the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bipartisan bill aimed at regulating stablecoins in the United States. Here's what's happening with the bill ¹ ² ³:

Key Provisions:

Stablecoin issuers must maintain 1:1 backing with US dollars or highly liquid short-term assets like Treasury bills.

Issuers with over $50 billion in market value will face annual independent audits.

Foreign stablecoin operators will face stringent oversight to ensure US dollar dominance.

Banks and tech companies will be allowed to issue stablecoins, provided they meet regulatory requirements.

Progress: The bill passed a crucial vote in the Senate with 68 votes in favor and 30 against, paving the way for a final vote. It has strong bipartisan support, although some Democrats, like Senator Elizabeth Warren, have expressed concerns over potential conflicts of interest and consumer protections.

Next Steps: The bill will move to the House of Representatives, where lawmakers will need to reconcile differences between the Senate and House versions before sending a unified bill to the President's desk.

Impact: The GENIUS Act could ² ⁴ ⁵:

Increase adoption of stablecoins, potentially leading to significant market growth.

Drive demand for US Treasuries and lower government borrowing costs.

Open doors for banks, Wall Street, and tech giants to inject capital into the market.

Transform the $236 billion stablecoin market into a $2.5 trillion sector, according to Bitwise CIO Matt Hougan.