#GENIUSAct 💥The GENIUS Act (Guide and Establishment of National Innovation for U.S. Stablecoins) has made significant progress in the U.S. Senate after a key procedural vote that surpassed the threshold of 60 votes needed to proceed. The outcome was 66 votes in favor and 32 against, paving the way for formal debate and possible amendments in the full Senate.

*Key details of the GENIUS Act:*

- *Objective*: Establish a federal regulatory framework for stablecoins, protecting consumers and combating money laundering.

- *Provisions*:

- Issuers must demonstrate the ability to comply with bankruptcy laws and ensure payments to consumers in the event of insolvency.

- The Treasury will have the authority to freeze and confiscate assets linked to illicit activities.

- Standards for financial institutions interacting with DeFi protocols.

- *Next steps*: Debate and amendments in the Senate, with a possible final vote before Memorial Day (May 26), although the timeline is uncertain.

The crypto industry has reacted with optimism, highlighting the potential of the law to solidify U.S. leadership in the global digital asset ecosystem and promote the adoption of secure and transparent stablecoins.