🚨 SENATE ADVANCES GENIUS ACT TO REGULATE STABLECOINS 🚨
🔹 $USDC Price:
🔹 Key Takeaways:
• Cloture Cleared: Senate voted 68–30 to invoke cloture on S.1582, the “Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act,” moving it to debate and a final Senate vote #BinanceHODLerRESOLV $KAIA
• Consumer Safeguards: Requires 100% reserve backing in U.S. dollars or Treasuries, monthly disclosures of reserve composition, and annual audits for large issuers
• Federal Charter: Establishes a new federal license for payment stablecoin issuers, balancing state and federal oversight and setting capital, custody, and marketing standards
• Foreign Reciprocity Study: Mandates the Fed and Treasury to assess whether foreign stablecoin frameworks are comparable, paving the way for conditional access to U.S. markets
• Next Steps: Following debate, the Senate will vote on amendments (122 filed) and the final bill; if approved, it proceeds to the House and then to the President’s desk
💬 What This Means: Will GENIUS make U.S. stablecoins safer and foster mainstream adoption, or stifle innovation with red tape? Drop “✅” if you back stronger rules or “⚠️” if you fear overregulation & tag @FaisalCrypto007
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