🇺🇸 GENIUS Act adopted by the Senate: stablecoins legalized ⚖️

#GENIUSActPass

📍 Recent facts:

– The U.S. Senate approved the GENIUS Act with 68 votes in favor and 30 against, establishing a framework for dollar-backed stablecoins 📘

– A historic first for major crypto legislation, designed to stimulate innovation and protect users

– Now heading to the House of Representatives before possible signature by the President

🧠 Key points of the text:

– Mandatory 1:1 reserves (cash, Treasury bonds, safe assets) businessinsider.com+1barrons.com+1

– Enhanced transparency: monthly audits, KYC/AML, reserve disclosure

– Anti-conflict provision: prohibition for members of Congress, but not for the President – this is controversial

– Brake on Big Tech: issuance ban without the agreement of a regulatory monopoly committee

🌍 Expected impact:

– Acceleration of stablecoin adoption: up to $2 trillion in 10 years according to the Treasury

– Immediate benefits: Coinbase +16%, Circle +27% on the market markets.businessinsider.com

– Regaining dollar leadership against foreign stablecoins and CBDCs businessinsider.com+3barrons.com+3ledgerinsights.com+3

🎯 What you need to know:

– Next step: vote in the House, then potential signature by the President.

– Stablecoin issuers must prepare to comply with strict reserve, audit, KYC/AML standards.

– Big Tech must wait for a committee's agreement to issue, limiting autonomous ambitions.

💬 And you, do you think this enhanced framework will boost crypto adoption… or hinder innovation? 👇

#Stablecoins #USDC #Coinbase #Circle #CryptoPolicy #Forex #BinanceSquare