The U.S. Senate has passed the GENIUS Act, aimed at establishing comprehensive federal rules for stablecoins. This event marks a significant step in regulating the cryptocurrency space in the country.
Overview of the GENIUS Act
On June 17, the Senate voted to pass the GENIUS Act, receiving bipartisan support with a count of 68-30. 18 Democrats voted in favor, while only two Republicans opposed it.
Key Provisions and Requirements
The bill establishes that only qualified issuers, such as subsidiaries of insured banks or licensed state entities, can issue stablecoins. Issuers with more than $10 billion in circulation will be subject to federal oversight.
Reactions and Implications of the Bill's Passage
Supporters of the bill note that it will bring clarity to the crypto space and protect consumers. Senator Bill Hagerty, the bill's sponsor, emphasized its significance for American innovation. The passage of the bill may position the U.S. as a leader in the global digital economy.
The passage of the GENIUS Act could mark an important milestone in the regulation of stablecoins and strengthen the U.S. position in the digital asset realm.
