#GENIUSActPass
The GENIUS Act, also known as the Guiding and Establishing National Innovation for US Stablecoins Act, has passed the US Senate with a 68-30 vote. This landmark bill establishes federal oversight for US dollar-pegged stablecoins and creates a regulated path for private entities to issue digital dollars with federal approval.
*Key Provisions of the GENIUS Act:*
- *Stablecoin Backing*: Stablecoins must be backed by real money, such as US dollars or liquid assets.
- *Audits*: Companies issuing stablecoins with a market cap above $50 billion will need annual audits.
- *Regulatory Oversight*: The Treasury Secretary will have authority over this new framework, with requirements for full reserve backing, monthly audits, and compliance with anti-money laundering regulations.
- *Consumer Protection*: Stablecoin users will have top legal protection in case the issuing company goes bankrupt, known as super-priority status.
*Impact and Next Steps:*
- The bill's passage marks a significant moment for the digital asset industry, potentially opening the door to a $3.7 trillion market by the end of the decade.
- The House of Representatives will now consider the bill, potentially passing its own stablecoin bill or adopting the GENIUS Act.
- President Trump has expressed support for the bill and wants it signed before August.
