The U.S. Senate has prepared for a final vote on the GENIUS Act, which will serve as a basis for the regulation of stablecoins in the country.
Date for GENIUS Vote
The U.S. Senate has scheduled the vote on the GENIUS Act for June 17. The exact time will be determined later by the Majority Leader in consultation with the Senate Democratic Leader.
Content and Requirements of the Act
The Act requires that stablecoins be fully backed by U.S. dollars or similar liquid assets. It also mandates annual audits for issuers with a market value over $50 billion and includes compliance guidelines for foreign issuers.
Future Prospects for Stablecoins in the U.S.
U.S. President Donald Trump previously indicated his desire to pass stablecoin legislation by August. U.S. Treasury Secretary Scott Bessent mentioned that this legislation could help the stablecoin market exceed $2 trillion by the end of 2028.
The vote on the GENIUS Act could have significant implications for the future of stablecoins and cryptocurrencies in the United States.
