US Senate Advances Stablecoin Regulation with GENIUS Act Vote

The U.S. Senate has taken a crucial step towards regulating stablecoins, advancing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by a 68-30 vote. This procedural move, known as cloture, clears the way for an imminent final vote on the bill. The act will require stablecoin issuers to be fully backed by U.S. dollars or comparable assets and undergo annual independent audits if their market value exceeds $50 billion. It also tightens regulations for stablecoins issued abroad.