#GENIUSActPass
The U.S. Senate approved the "Genius" Act with a majority of 68 votes to 30, marking the first major cryptocurrency bill ever approved by the Senate. The bill is now referred to the House of Representatives, which will decide whether to introduce its own version or to discuss the Senate bill.
The law aims to:
....Require stablecoins to be backed 1:1 by cash or Treasury bonds.
....Limit issuance to federally regulated banks or licensed non-bank institutions.
....Impose consumer protection, anti-money laundering measures, and regular financial disclosures.
....Encourage innovation in the crypto space by providing legal clarity.
