The GENIUS Act has been approved by the US Senate with bipartisan support, which could significantly change the regulation of stablecoins in the country.
Approval of the GENIUS Act in the Senate
The GENIUS Act was approved by the US Senate with a vote of 66 to 32. This legislation is supported by a bipartisan group of senators, reflecting the desire for clearer regulation of stablecoins.
New Requirements for Stablecoin Issuers
The act introduces reserve and audit requirements for stablecoin issuers, aimed at enhancing consumer protection. Some senators have stated that the main goal is to create clear rules and oversight in this area.
Impact and Next Steps
The GENIUS Act could significantly influence the future of financial regulations regarding stablecoins. A representative from the Texas Bankers Association emphasized the importance of this step for both traditional banks and the crypto sector. Given the debates on stablecoin risks, this legislation is likely to lead to tighter regulation in digital assets.
The passage of the GENIUS Act in the Senate represents a significant move towards regulating stablecoins and could shape future policies in finance and cryptocurrencies.
