#GENIUSActPass

The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, is an American bill aimed at regulating stablecoins, which are 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 entrusting their oversight to the Federal Reserve.