The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) Recently Passed the Senate by a 68–30 Vote, Marking the First-ever U.S. Federal Law Over Stablecoins
By LauraAboli
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) recently passed the Senate by a 68–30 vote, marking the first-ever U.S. federal law over stablecoins.
Key points:
• Defines who can issue stablecoins, requiring them to be backed 1:1 by safe assets like U.S. dollars or Treasuries.
• Sets monthly disclosures and annual audits, with more transparency for reserves and financial stability .
• Clarifies that permitted stablecoins are not considered securities, placing them firmly under banking oversight (FDIC, OCC, Fed) .
• Includes AML rules and consumer safeguards. Issuers must follow anti-money-laundering laws and maintain clear redemption terms .
• Aims to protect consumers, strengthen U.S. leadership in digital finance, and prevent shady crypto practices .
The bill heads to the House, then President Trump—who aims to sign it before the August recess.
Original source: https://t.me/LauraAbolichannel/72979