#GENIUSActPass The GENIUS Act, introduced by Senator Bill Hagerty, aims to regulate stablecoins in the US. Key provisions include ¹ ²:

- *Permitted Issuers*: Only approved entities can issue stablecoins, such as subsidiaries of insured depository institutions or state-regulated issuers with substantial similarity to federal standards.

- *Reserve Requirements*: Stablecoin issuers must maintain 1:1 backing with fiat currency or high-quality liquid assets, like Treasury bills.

- *Customer Protection*: Entities providing custody services must segregate customer assets, prohibit mingling with firm assets, and file monthly audited reports.

- *Regulatory Oversight*: Federal banking agencies can take enforcement action against non-compliant issuers.

The bill passed a key Senate vote with 66-32 support and is now headed to the House of Representatives ².#GENIUSActPass