Key dealers
- The Senate passes Genius Stablecoin proposal with two -party support and marks the first major crypt legislation to clear the Chamber.
- The bill moves to the Chamber, which can vote for Genius Act or drive its own stable act.
The US Senate has officially adopted Genius Act and highlighted the most important step yet to establish federal rules for regulating Stablecoins. The bill was adopted in a final vote 68-30 and is now moving to the House of Representatives, where it will face a vote in the coming weeks.
The legislation, formally with the title of guiding and establishing national innovation for the US Stablecoins Act, or genius, sets legal requirements for Stablecoin issuers.
It requires full support for Stablecoins of US dollars or similarly liquid assets, annual audits for issuers with over $ 50 billion in market value and compliance with foreign units such as Tether.
It also prevents non-financial public companies such as META and Amazon from issuing Stablecoins unless they meet specific risk and privacy standards. In the event of insolvency, the bill provides Stablecoin holders “super prioritization” in bankruptcy proceedings and puts them in front of other creditors.
While Genius Act has cleared the Senate, it must now be combined with the Chamber’s own Stablecoin proposal, the stable law, which advanced from the committee in May. The two proposals differ on the state versus federal monitoring and treatment of foreign issuers. Reconciliation will be required before any bill reaches President Trump’s desk.
Trump has repeatedly approved the Stablecoin Regulation and is pushing to have a bill signed the law in August. Treasury Secretary Scott Bessent Recently said That with Genius Act on site becomes forecasts of a $ 3.7 trillion Stablecoin market until 2028 increasingly likely.
Develop story.
