U.S. Senate Advances Stablecoin Regulation with GENIUS Act
The U.S. Senate is poised to pass the GENIUS Act, aiming to establish a regulatory framework for stablecoins. The bill mandates that stablecoins hold reserves in safe, liquid assets and comply with anti-money-laundering and terrorism financing rules. While it faces opposition over provisions allowing non-financial tech companies to issue stablecoins, the legislation is expected to clear the Senate and the House.