#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 aims 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 significant crypto bill approved by the Senate, and also the first time a law on 'stablecoins' has passed through either chamber.