#GENIUSActPass

The US Senate recently passed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), a landmark bill aimed at regulating stablecoins. This bipartisan legislation seeks to provide a clear regulatory framework for these cryptocurrencies, which are pegged to fiat currencies like the US dollar.

The act mandates that stablecoin issuers back their coins with liquid assets and undergo regular audits, particularly for those with significant market capitalization. Proponents argue it will enhance consumer protection, foster innovation in digital payments, and reinforce the US dollar's global dominance. While a major step, the bill still needs to be reconciled with a House version before becoming law.