Senate votes to move forward on landmark stablecoin legislation
Powered by @unfolded- The U.S. Senate voted to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a significant step toward regulating stablecoins.
- Some Democrats initially opposed the bill due to concerns about foreign issuers and anti-money laundering standards, but later negotiations led to support from several party members.
- The bill mandates that stablecoins be fully backed by U.S. dollars or liquid assets, requires annual audits for large issuers, and introduces regulations on foreign issuance.
- Lawmakers are considering combining the stablecoin bill with broader legislation aimed at regulating the digital asset market, reflecting Washington's priority on this issue.
https://www.theblock.co/post/354944/senate-votes-to-move-forward-on-landmark-stablecoin-legislation