#GENIUSActPass ๐๐ฅ US Senate Approves Landmark GENIUS Act for Stablecoin Regulation ๐๐ฅ
The US Senate has passed the GENIUS Act with a bipartisan 68-30 vote ๐ค, marking a significant milestone in cryptocurrency regulation ๐๏ธ. This bill establishes a regulatory framework for dollar-pegged stablecoins, providing clarity and protection for consumers ๐ก๏ธ.
Key Provisions๐๐
- Dual Licensing๐: Issuers must obtain federal or state licenses to operate ๐ข.
- 1:1 Reserve Backing ๐ธ: Stablecoins must be backed by cash or short-term Treasuries ๐ฆ.
- Regular Audits๐: Issuers must undergo regular audits and disclose reserve details monthly ๐.
- Consumer Protections๐ฅ: Consumers have redemption rights, and issuers must have insolvency protections in place ๐ก๏ธ.
- AML Compliance๐ซ: Issuers are classified as financial institutions for anti-money laundering and sanctions compliance ๐.
- Restrictions๐ง: Non-financial public companies are restricted from issuing payment stablecoins ๐ซ.
-Disclosure Requirements ๐: Senior officials must disclose large stablecoin holdings ๐.
What's Next ๐๐
The GENIUS Act now heads to the House of Representatives for further consideration ๐๏ธ. It must be reconciled with the House's STABLE Act before becoming law ๐.
Market Impact๐๐ฐ
The passage of the GENIUS Act is expected to drive growth in the stablecoin market, potentially reaching $3.7 trillion by the end of the decade ๐. This regulatory clarity will enhance consumer protection, market transparency, and reinforce the dollar's role in global finance ๐ธ.#CryptoNewsCommunity #market #CryptoAdoption #CryptoRevolution $USDC $BNB $SEI
