#MyTradingStyle The GENIUS Act Receives Bipartisan Support in the Senate
The U.S. Senate has approved the GENIUS Act, the first major cryptocurrency initiative, with 68 votes in favor and 30 votes against. The bill has now been sent to the House of Representatives.
š This document proposes strict regulations on stablecoins, including full backing of tokens by the U.S. dollar or short-term government bonds, annual audits, and transparency requirements.
This bill is supported by the Department of the Treasury and industry representatives, as it promises to strengthen the dollar's position in the digital economy and attract investment.