#GENIUSActPass
The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, is a landmark bill passed by the US Senate with a 68-30 vote. It establishes a federal framework for regulating stablecoins, requiring issuers to maintain 100% reserve backing with US dollars and short-term Treasuries. Key provisions include ¹:
- *Consumer Protection*: Strict marketing standards to prevent misleading consumers about government backing or insurance status.
- *Reserve Requirements*: Monthly public disclosure of reserve composition and annual audited financial statements for issuers with over $50 billion in market capitalization.
- *Regulatory Oversight*: Centralized authority with the Treasury Secretary.
The bill now moves to the House of Representatives for final approval ².