#GENIUSAct
#GENIUSAct Latest Update
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) has passed the U.S. Senate with a bipartisan vote of *68-30*. This landmark legislation establishes a regulatory framework for payment stablecoins, focusing on consumer protection, financial stability, and innovation in the digital asset space.
Key Highlights:
- *Regulatory Framework*: Defines standards for payment stablecoins, requiring full reserve backing and monthly disclosures.
- *Permitted Issuers*: Subsidiaries of IDIs, certain uninsured banks, and approved non-bank entities can issue stablecoins.
- *Next Steps*: The bill moves to the House of Representatives for consideration ¹ ² ³.
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