#GENIUSActPass The GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins Act, has been passed by the U.S. Senate with a bipartisan vote of 68-30. This legislation establishes a regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Here are some key aspects of this bill:

- *Key Provisions:*

- *Issuance of Stablecoins*: This bill outlines the requirements for the issuance of payment stablecoins by banks and non-banks, including reserve requirements and anti-money laundering (AML) standards.

- *Consumer Protection*: The GENIUS Act aims to protect consumers by ensuring that stablecoin issuers maintain full reserves and undergo monthly audits.

- *Regulatory Framework*: This bill grants authority to the Secretary of the Treasury over the new framework, centralizing regulatory oversight.

- *Impact:*

- *Market Growth*: The stablecoin market, currently valued at over $250 billion, is projected to grow to over $2 trillion in the coming years, according to Treasury Secretary Scott Bessent.

- *Innovation*: The GENIUS Act is expected to facilitate the integration of stablecoins into the existing payment system, allowing businesses and American citizens to make payments almost instantly.

- *Next Steps:*

- *House of Representatives*: The bill now moves to the House of Representatives, where it may face additional proposals for amendments or be packaged with other cryptocurrency market structure legislation.

- *Potential Challenges*: Some Democrats have expressed concerns about this bill, citing potential risks and the need for stricter regulations.