#GENIUSActPass
The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, has passed the US Senate with a bipartisan vote of 68-30. This significant step toward establishing federal rules for stablecoins now heads to the House of Representatives for final approval. Here's what's next:
- *House Vote*: The House will decide whether to pass the GENIUS Act or push its own STABLE Act, with a vote expected in the coming weeks.
- *Key Provisions*: The GENIUS Act requires stablecoin issuers to be fully backed by US dollars or similarly liquid assets, undergo annual audits for issuers with over $50 billion in market capitalization, and comply with anti-money laundering (AML) and sanctions regulations.
- *Impact*: The bill aims to bolster national security, enhance consumer protection, and extend US dollar dominance online. It also clarifies that compliant stablecoins are not securities, exempting them from SEC jurisdiction.
*Reactions and Implications*
- *Bipartisan Support*: Senators praised the bill as a win for innovation and national security, while some Democrats expressed concerns over potential corruption and profiteering.
- *Industry Praise*: The Blockchain Association has praised the GENIUS Act, and President Trump's crypto advisor, David Sacks, recommends signing it into law.
- *Potential Roadblocks*: Differences between the Senate and House versions, particularly around oversight of foreign issuers and state-level regulation, still need to be resolved.
The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, has passed the US Senate with a bipartisan vote of 68-30. This significant step toward establishing federal rules for stablecoins now heads to the House of Representatives for final approval. Here's what's next:
- *House Vote*: The House will decide whether to pass the GENIUS Act or push its own STABLE Act, with a vote expected in the coming weeks.
- *Key Provisions*: The GENIUS Act requires stablecoin issuers to be fully backed by US dollars or similarly liquid assets, undergo annual audits for issuers with over $50 billion in market capitalization, and comply with anti-money laundering (AML) and sanctions regulations.
- *Impact*: The bill aims to bolster national security, enhance consumer protection, and extend US dollar dominance online. It also clarifies that compliant stablecoins are not securities, exempting them from SEC jurisdiction.
*Reactions and Implications*
- *Bipartisan Support*: Senators praised the bill as a win for innovation and national security, while some Democrats expressed concerns over potential corruption and profiteering.
- *Industry Praise*: The Blockchain Association has praised the GENIUS Act, and President Trump's crypto advisor, David Sacks, recommends signing it into law.
- *Potential Roadblocks*: Differences between the Senate and House versions, particularly around oversight of foreign issuers and state-level regulation, still need to be resolved.