#GENIUSActPass The GENIUSActPass refers to the GENIUS Act, a bill passed by the US Senate with a 68-30 vote, aiming to establish a regulatory framework for stablecoins. This legislation requires stablecoins to be fully backed by dollars or liquid assets, with regular audits for large issuers. The bill's goals include ¹ ²:

- *Strengthening the US Dollar's Global Position*: Enhancing the dollar's role in the digital economy

- *Modernizing Payments*: Improving transaction efficiency and speed

- *Fostering Innovation*: Providing clarity for businesses and reducing uncertainty

- *Protecting Consumers*: Including provisions for consumer protection and market integrity

The bill has sparked discussions about its potential impact on the cryptocurrency industry, with some arguing it could drive growth and investment, while others express concerns about stifling innovation. The GENIUS Act now moves to the House of Representatives for further review ¹.