#GENIUSActPass

The #GENIUSActPass refers to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill aimed at regulating stablecoins in the United States. Here's what's happening ¹:

- *Key Provisions*:

- *Stablecoin Backing*: Requires stablecoins to be fully backed by dollars or liquid assets like US Treasury bonds.

- *Audits and Disclosure*: Mandates annual audits for large issuers and monthly public disclosures of reserve composition.

- *Prohibitions*: Bans interest-bearing stablecoins and imposes stricter rules on foreign-issued stablecoins.

- *Impact*:

- *Clarity and Security*: The bill aims to bring regulatory clarity and security to the stablecoin market, potentially increasing adoption and trust.

- *Innovation*: It may foster innovation in the US cryptocurrency industry while ensuring consumer protection.

- *Global Leadership*: The GENIUS Act could position the US as a leader in the global stablecoin market.

- *Status*:

- *Senate Approval*: The bill passed the US Senate with a bipartisan vote of 68-30.

- *Next Steps*: It will now be reviewed by the House of Representatives, followed by potential votes on the STABLE and CLARITY Acts.

- *Reactions*:

- *Support*: Some lawmakers and industry leaders see the bill as a positive step towards regulating stablecoins.

- *Concerns*: Others have expressed worries about potential impacts on innovation and consumer protection ¹.