U.S. Senate Passes Bill for Stablecoin Regulation, Taking Step Towards Clarity in the Crypto Space

The U.S. Senate has taken a significant step towards regulating stablecoins with a 69-31 vote on the GENIUS Act. This groundbreaking legislation aims to solidify a legal framework for stablecoins, ensuring their backing by tangible assets and increasing consumer protection. Only authorized institutions like banks or financial companies will be allowed to issue stablecoins, subject to federal or state regulation.