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📰🔔 JUST IN: U.S. Senate Banking Committee Approves Stablecoin Bill! 🔥

What is the GENIUS Act?

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is a bipartisan bill aiming to create a clear regulatory framework for payment stablecoins.

Key Provisions of the Bill:

Licensing Procedures:

Establishes clear procedures for institutions seeking licenses to issue stablecoins.

Reserve Requirements:

Implements reserve requirements and tailored regulatory standards for stablecoin issuers to ensure consumer protection.

Regulatory Oversight:

Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated.

Bipartisan Support:

The bill passed the Senate Banking Committee with an 18-6 vote, including support from five Democrats, reflecting strong bipartisan backing.

Amendments and Debates:

Senator Elizabeth Warren proposed amendments addressing concerns over consumer protections and financial stability risks, but these were not adopted.

Next Steps:

The bill now advances to the full Senate for debate, with a vote expected by the end of April.