GENIUS Act Final Vote Looms: Stablecoin Regulation on the Horizon

A significant development looms as the US Senate prepares to hold a final vote on the GENIUS Act, aiming to establish regulatory frameworks for stablecoins. The bill’s deadline is June 17th, with time yet to be confirmed by the Majority Leader in consultation with the Senate Democratic Leader. If passed by the Senate, the legislation will then move to the House of Representatives for further consideration. Notably, the GENIUS Act mandates full backing of US dollars or equivalent liquid assets for stablecoins and requires annual audits for issuers exceeding $50 billion in market value. The bill also includes guidelines for foreign issuers’ compliance.