GENIUS Passes The Senate
The US Senate has now passed the GENIUS Act, the first stablecoin and crypto legislation in the US in a 68-30 vote; the bill now also needs to pass in the House.
Daily Updates:
In a 68-30 vote yesterday, the US Senate passed the GENIUS Act – the first stablecoin legislation and first crypto legislation in the US, setting up a regulatory framework for crypto stablecoins.
The bipartisan support for the bill means a “permitted payment stablecoin issuer” would be required to maintain reserves backing all outstanding payment stablecoins on “at least a one-to-one basis” and will be overseen by state or federal regulators.
According to Senator Kirsten Gillibrand, one of the sponsors of the bill, “The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the US dollar”.
While the bill has passed in the Senate, it now also needs to be passed in the Republican held House – Senator Bill Hagerty, the lead sponsor of the measure, has said he hopes the House passes the bill “as quickly as they possibly can”.