#GENIUSActPass Senate passes GENIUS Act stablecoin legislation👏

The US Senate has passed the GENIUS Act, a landmark bill regulating stablecoins, with a 68-30 vote. This bipartisan legislation, introduced by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, establishes a comprehensive federal framework for fiat-backed stablecoins.

- Monthly Public Reserve Disclosures: Stablecoin issuers must disclose their reserves monthly.

- Annual Audits: Issuers with a market capitalization over $50 billion are required to undergo annual audits.

- 100% Reserve Backing: Stablecoins must be backed 100% by US dollars or short-term Treasuries.

- Prohibition on FDIC Insurance Claims: Issuers are prohibited from marketing stablecoins as "FDIC-insured" or backed by the US government.

Next Steps:

The bill now heads to the House of Representatives, where House Majority Whip Tom Emmer has urged the Financial Services Committee to advance stablecoin legislation by the end of July