#GENIUSActPass The United States officially passes the GENIUS stablecoin act

The US Senate's stablecoin bill was just passed with an overwhelming vote of 68-30 on Tuesday, marking a significant milestone in the effort to build cryptocurrency policy in the US. Strong support from Democratic senators — alongside Republican members — has provided significant momentum for the bill as it moves to the House of Representatives.

The bill, named the “GENIUS Act”, establishes a legal framework to oversee and approve stablecoin issuing organizations in the US, including USD-pegged tokens like Circle's USDC, Ripple's RLUSD, and Tether's USDT. Accordingly, companies issuing stablecoins for US users will have to comply with strict asset reserve requirements, operational transparency, anti-money laundering measures, and will be subject to oversight by regulatory agencies – likely accompanied by new capital regulations.