US Senate Advances GENIUS Act for Stablecoin Regulation
- The US Senate advanced the GENIUS Act of 2025 with a 66-32 procedural vote.
- The bill aims to establish a comprehensive regulatory framework for stablecoins.
- Issuers must maintain 1:1 reserves backed by U.S. dollars and comply with AML/KYC protocols.
- Federal supervision is required for issuers with over $10 billion in market cap.
- The bill has support from industry leaders like Federal Reserve Chair Jerome Powell and Coinbase CEO Brian Armstrong.
The GENIUS Act of 2025, which passed a procedural vote in the Senate by 66-32, seeks to regulate stablecoins through measures such as maintaining reserves and federal oversight for large issuers.
Source (2.6)https://coingape.com/us-senate-advances-genius-act-major-boost-to-crypto-and-stablecoin-regulation/?rand=24432
