#GENIUSActPass The Senate on late Tuesday passed the GENIUS Act, a bill that for the first time establishes federal protection for consumers and holders of U.S. dollar-pegged stablecoins and creates a regulation for private companies to issue digital dollars.

The bill passed with 68-30. Opposing voices, especially from the Democrats, raised concerns about the potential dangers of corruption, citing Donald Trump's recent involvement in the stablecoin industry, with the launching of his stablecoin, named USD1.

The GENIUS Act was supposed to be the easiest crypto bill to pass, but took months to reach the Senate, failed once, and passed only after fierce negotiations.

In early May, Democrats stopped the law from moving forward. This led to weeks of talks between both parties. After some changes, enough Democrats agreed to support the law, helping it pass through several voting steps.

The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) sets guardrails for the crypto industry, some of those being:

1️⃣ Full reserve backing,

2️⃣ Monthly audits,

3️⃣ Anti-money laundering compliance.

🔸How does it offer protection for consumers❓

🔹 By prioritising coin holders for repayment in case of bankruptcy.

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