#GENIUSActPass

The GENIUS Act, also known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, has passed the U.S. Senate with a 68-30 vote. This bipartisan bill aims to establish a regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Here's what you need to know ¹ ²:

- *Key Provisions* ³:

- *Federal Oversight*: The bill sets clear rules for stablecoin issuers, including full reserve backing, monthly audits, and compliance with anti-money laundering regulations.

- *Regulated Path*: The GENIUS Act creates a regulated path for private entities to issue digital dollars with federal approval.

- *Increased Accessibility*: The bill allows more entities, including banks, fintech enterprises, and large-scale retailers, to issue stablecoins.

- *Next Steps*:

- *House of Representatives*: The bill will be considered in the House, where a parallel effort, the STABLE Act, is gaining traction. Lawmakers will need to reconcile both versions before sending a unified bill to the President's desk.

- *Implications*:

- *Stablecoin Market*: The bill could potentially open the floodgates for companies to issue their own tokens, with the market projected to grow to $3.7 trillion by the end of the decade.

- *Consumer Protection*: The GENIUS Act aims to bring stability and transparency to the market, protecting consumers and promoting innovation.

The passage of the GENIUS Act marks a significant moment for the digital asset industry, with Senator Kirsten Gillibrand stating that it will "protect consumers, enable innovation, and safeguard the dominance of the U.S. dollar" ³.