US Senate Approves GENIUS Act, Paving the Way for Stablecoin Regulation

The US Senate has approved the GENIUS Act with bipartisan support, marking a significant step towards regulating stablecoins. This pivotal legislation focuses on oversight and consumer protection measures that will significantly impact the US cryptocurrency landscape. The Act establishes financial requirements and stricter control mechanisms for stablecoin issuers. Notably, it introduces reserve and audit requirements to enhance consumer protection. Senators like Bill Hagerty and Kirsten Gillibrand played a key role in this crucial passage.