#GENIUSActPass

The US Senate has passed the GENIUS Act, a landmark legislation establishing a regulatory framework for fiat-backed stablecoins. The bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed with a 68-30 vote, marking a significant step toward clearer rules for the digital asset industry.

Key Provisions:

Regulatory Framework: Establishes federal oversight for US dollar-pegged stablecoins, requiring backing by cash or short-term Treasury bonds with regular audits.

Consumer Protection: Aims to prevent stablecoin implosions like Terraform Labs' UST coin by enforcing strict requirements.

Innovation: Positions the US at the forefront of global crypto innovation, providing a clear regulatory pathway for stablecoin issuers.

The bill now advances to the House of Representatives for further consideration.