#GENIUSActPass

The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, is a U.S. bill aimed at regulating stablecoins, these cryptocurrencies🪙 backed by stable assets like the U.S. dollar. It was passed by the U.S. Senate on June 17. The bill creates a regulatory framework for stablecoin issuers🪙, requiring dollar💰 reserves to ensure their parity and placing their oversight under the Federal Reserve.