In the U.S., the GENIUS Act focused on stablecoins has received Senate approval after prolonged efforts, now it must pass a vote in the House of Representatives.
Senate Approval and Next Vote
The GENIUS Act regulating stablecoins was approved by the U.S. Senate with a vote of 68 to 30. The bill must now pass a vote in the House of Representatives before being signed by President Donald Trump.
Donald Trump's Statement on GENIUS
U.S. President Donald Trump took to his Truth Social account, urging the House of Representatives to expedite the passing of the GENIUS Act. He described the bill as 'pure genius' and expressed confidence it would establish the U.S. as a leader in digital assets, capable of attracting significant investments and innovations.
CITE_NA: '…There will be no country that can do better than this. (This bill) is truly a genius idea. Get this to my desk now — NO DELAY, NO ADD-ON. With this I will show the world how to earn with digital assets like never before.'
Requirements of the GENIUS Act for Stablecoin Issuers
The GENIUS Act imposes strict requirements for stablecoin issuers, including compulsory licensing, full reserve backing, annual audits for issuers with a market capitalization above $50 billion, and regulatory oversight by relevant authorities.
The GENIUS Act is at the final stage of discussion in Congress and marks a significant step forward in stablecoin regulation in the U.S., as supported by Donald Trump.
