#GENIUSActPass #GENIUSActPass

"GENIUS Act" is a proposed American law aimed at regulating stablecoins. It was recently passed by the Senate with a majority of 68 votes to 30. The law focuses on establishing a clear regulatory framework for dollar-pegged stablecoins and requires them to be fully backed by reserves and subject to monthly audits. The proposal aims to protect consumers and promote innovation in the digital currency space, despite some concerns raised by Democrats regarding potential conflicts of interest among certain officials. The bill is expected to move to the House of Representatives for further review.