#GENIUSActPass Historic Moment 🔊

The US Senate approves the GENIUS Act to regulate stablecoins.

With 68 votes in favor and 30 against, the United States Senate has approved the Act to Guide and Establish National Innovation in 'Stablecoins' in the US, also known as the GENIUS Act.

The GENIUS Act seeks to regulate 'stablecoins' issued in the United States, ensuring they are adequately backed by US dollars or similar liquid assets. It also requires annual audits for issuers with over $50 billion in market capitalization and includes additional provisions for foreign issuers. This is the first major crypto bill approved by the Senate, and also the first time a law regarding 'stablecoins' has passed through either chamber.

"With this bill, the United States is one step closer to becoming the global leader in crypto," said Senator Bill Hagerty, Republican from Tennessee and one of the leading advocates of the law. "The value of 'stablecoins' will be linked to the US dollar and backed on a one-to-one ratio by cash and short-term Treasury bonds."