#GENIUSAct đ Update: Senate Advances Landmark Stablecoin Bill! đ
The U.S. Senate has voted 66-32 to advance the GENIUS Act, bringing the first federal stablecoin framework closer to reality. Key details:
đ Key Provisions:
- Dual Oversight: State regulators handle issuers under $10B, while larger players face federal scrutiny.
- Reserve Requirements: Full asset backing + monthly audits to prevent Terra-like collapses4.
- Bipartisan Push: Revised bill drops Trump-linked clauses, refocusing on consumer protection.
đĄÂ Why It Matters:
With stablecoin market cap at $250B, the U.S. risks falling behind global rivals like MiCA-regulated EU3. The Act could boost institutional adoptionâVisa just invested in stablecoin platform BVNK!
đ Next Step: Final Senate vote expected by Memorial Day.
