U.S. Senate Set to Vote on GENIUS Act, Shaping Stablecoin Regulation

The U.S. Senate is poised for a pivotal vote on the GENIUS Act, a key bill aimed at regulating stablecoins. This legislation would establish federal oversight for stablecoin issuers with assets exceeding $10 billion and bring transparency to these financial instruments. Senator Bill Hagerty’s GENIUS Act, backed by bipartisan support including Majority Leader John Thune, could fundamentally alter U.S. digital asset laws. The bill requires full backing of tangible assets like U.S. dollars or treasury bonds for all stablecoins, promoting consumer confidence in this dynamic market sector.