The US Senate has announced a vote on the stablecoin regulation act, set for June 17, 2025.
Overview of the GENIUS Act
Formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, the legislation proposes a comprehensive framework for the issuance and oversight of U.S. dollar-backed stablecoins.
Requirements for Stablecoin Issuers
The legislation includes several critical requirements for stablecoin issuers:
* Stablecoins must be fully backed by U.S. dollars or similarly liquid assets. * Issuers with over $50 billion in market capitalization will be subject to mandatory annual audits. * The bill also outlines regulatory compliance standards for foreign-based issuers operating within the U.S. market.
Implications and Significance of the Act
The Senate took a procedural vote on Wednesday to advance the bill, paving the way for the final decision. If passed, the GENIUS Act would mark a major step toward legal clarity in the rapidly expanding stablecoin sector, potentially reshaping how digital dollars are issued, audited, and managed within the financial system.
The GENIUS Stablecoin Bill may significantly impact the future regulation of digital assets in the US, establishing new standards for issuers.
