#GENIUSActPass

🇺🇸 U.S. Senate Passes GENIUS Stablecoin Bill — Decrypt 💼

Treasury Secretary Scott Bessent predicts the stablecoin market will reach $3.7 trillion. He stated that the bill will help reduce government debt and expand the use of the digital dollar globally.

The bill requires:

✅ Full backing of stablecoins by fiat currency or liquid assets.

✅ Audits for issuers with over $50 billion in assets.

✅ Enhanced oversight and the Treasury’s right to block suspicious transactions.

Next, the bill will be reviewed by the House of Representatives. 🏛️