🇺🇸 #GENIUSActPass passed the Senate. What's next?

The U.S. Senate has approved the GENIUS Act — the first major legislation on stablecoins that could completely reshape the payment infrastructure of the United States (and, by extension, the entire world).

📜 The law was passed with bipartisan support, 68 votes in favor, 30 against. Even Democrats and Republicans temporarily forgot that they are enemies. This is how important it is.

What the GENIUS Act provides:

• Stablecoins will receive federal legalization

• They can be issued by both banks and non-bank companies (hello Amazon Coin or Walmart Dollar)

• Everything is strict: 1:1 backing with cash or treasuries, registration with FinCEN, KYC/AML, mandatory reserve audits

• Redemption of tokens at face value is mandatory and within a maximum of 2 days.