#GENIUSActPass
📢 US Senate Passes GENIUS Act for Stablecoin Regulation 🇺🇲🚨✨
The US Senate has passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act) with bipartisan support (68-30). The bill now heads to the House of Representatives for consideration.
📌 Key Provisions
- Regulatory Framework: Dual-track system with federal and state oversight.
- Reserve Requirements: 100% backing with segregated funds using eligible assets.
- Disclosure: Monthly disclosure of reserve makeup.
- Anti-Money Laundering: Strict rules and ethics requirements.
The GENIUS Act could reshape the stablecoin industry and provide clarity. However, concerns have been raised about potential conflicts of interest and anti-money laundering measures.
The bill's passage is a significant step towards regulating stablecoins in the US. Next steps include House consideration and potential presidential signature. The industry will closely watch the bill's implications and progress.