Gate News bot message, on June 17, the U.S. Senate passed the GENIUS Act with a vote of 51 to 23, opening a new chapter in federal regulation of stablecoins. This is the first significant cryptocurrency legislation to be passed in the United States.
The bill stipulates that stablecoin issuers must maintain full reserves in USD or equivalent liquid assets. Issuers with a market capitalization exceeding $50 billion are required to undergo annual audits, and the bill also clearly outlines the priority of payments in the event of foreign issuance and bankruptcy.
The bill will be submitted to the House for further consideration. The House needs to choose between advancing its version of the Stablecoin Transparency and Accountability for a Better Ledger Economy Act and adopting the GENIUS bill passed by the Senate.
Source: The Block
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