#GENIUSActPass

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act has officially passed the U.S. Senate with a bipartisan 68-30 vote. This landmark legislation marks a significant stride towards comprehensive federal regulation of stablecoins, aiming to provide much-needed clarity and stability within the burgeoning crypto industry.

The GENIUS Act mandates that stablecoin issuers fully back tokens with U.S. Treasury or dollar equivalents, while also enforcing anti-money laundering rules and requiring federal registration. Issuers exceeding $50 billion in market capitalization will face annual audits. Proponents believe this will strengthen the U.S. dollar's dominance, modernize payment systems, and foster innovation. The bill now heads to the House of Representatives for further review, with potential to reshape the future of digital assets in the United States.