#GENIUSActPass
The GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, is a landmark U.S. legislation that recently passed the Senate. Its primary purpose is to create a clear federal regulatory framework for stablecoins, a type of cryptocurrency pegged to stable assets like the U.S. dollar.
This act aims to bring stability and consumer protection to the rapidly growing stablecoin market by mandating 1:1 reserve backing, regular audits, and adherence to anti-money laundering (AML) and anti-terrorism procedures. It seeks to ensure stablecoins are treated as payment instruments rather than securities, fostering wider adoption while preserving the U.S. dollar's global dominance in the digital age.