#GENIUSActPass [6/18, 8:30 PM] Meta AI: The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, has passed the US Senate with a 68-30 vote, marking a significant step towards regulating stablecoins in the United States. Here's what's next ¹:
- *Key Provisions*:
- *Stablecoin Backing*: Requires stablecoin issuers to hold cash and/or Treasury securities reserves.
- *Audits*: Mandates annual audits for issuers with over $50 billion in market capitalization.
- *AML/ATF Compliance*: Requires compliance with anti-money laundering and anti-terrorism financing standards.
- *Super-Priority in Bankruptcy*: Gives stablecoin holders priority over other creditors in bankruptcy proceedings.
*What's Next?*
The GENIUS Act now moves to the House of Representatives, where it may face reconciliation with the STABLE Act, a competing bill. If passed, the GENIUS Act will establish a comprehensive federal framework for fiat-backed stablecoins, potentially paving the way for increased adoption and innovation in the digital finance space ² ¹.
*Impact*
The GENIUS Act's passage could have significant implications for the stablecoin market, potentially driving growth and increasing demand for US Treasury bonds. Analysts predict purchases of $1.6 trillion in T-bills over four years, solidifying the dollar's dominance in the global crypto market ³.
[6/18, 8:30 PM] Meta AI: The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, has passed the US Senate with a 68-30 vote, marking a significant step towards regulating stablecoins in the United States. Here's what's next ¹:
- *Key Provisions*:
- *Stablecoin Backing*: Requires stablecoin issuers to hold cash and/or Treasury securities reserves.
- *Audits*: Mandates annual audits for issuers with over $50 billion in market capitalization.
- *AML/ATF Compliance*: Requires compliance with anti-money laundering and anti-terrorism financing standards.
- *Super-Priority in Bankruptcy*: Gives stablecoin holders priority over other creditors in bankruptcy proceedings.
*What's Next?*
The GENIUS Act now moves to the House of Representatives, where it may face reconciliation with the STABLE Act, a competing bill. If passed, the GENIUS Act will establish a comprehensive federal framework for fiat-backed stablecoins, potentially paving the way for increased adoption and innovation in the digital finance space ² ¹.
*Impact*
The GENIUS Act's passage could have significant implications for the stablecoin market, potentially driving growth and increasing demand for US Treasury bonds. Analysts predict purchases of $1.6 trillion in T-bills over four years, solidifying the dollar's dominance in the global crypto market ³.
