GENIUS Act Passes Senate, Moving Towards National Stablecoin Regulation

The U.S. Senate voted to advance the GENIUS Act, a landmark stablecoin bill, with a 68-30 majority on Wednesday. This crucial step paves the way for a final vote next Monday and signifies the potential for the first national regulatory framework for these digital assets in the United States. The bill mandates that stablecoin issuers hold 100% reserves, undergo annual audits if their market capitalization exceeds $50 billion, and adhere to rules for foreign issuers.