#GENIUSActPass -The bill, sponsored by Senator Bill Hagerty, requires stablecoin issuers to be fully backed by U.S. dollars or similar liquid assets ³. It also includes regulations on reserves and anti-money laundering (AML) requirements, as well as mandatory annual audits for issuers with a market capitalization over $50 billion ³.

The passage of the GENIUS Act is seen as a significant step forward for the cryptocurrency industry, with Treasury Secretary Scott Bessent predicting that stablecoins could grow into a $3.7 trillion market by the end of this decade ¹.

The next steps will involve the House of Representatives, where lawmakers will decide whether to pass the GENIUS Act, address differences with their own bill (the STABLE Act), or merge it with regulations on cryptocurrency market structure ³.