On the 11th, the U.S. Senate passed a motion to end debate on the stablecoin regulation bill "GENIUS Act" with a vote of 68 to 30. The bill is now prepared for the final vote, which is scheduled to take place next Monday.
The bill mandates that stablecoins be fully backed by the US dollar or equivalent liquid assets. It requires annual audits for issuers with a market capitalization exceeding $50 billion and includes regulations for foreign issuers.
President Trump's advisory team expressed support for the bill this week. The President hopes to sign the stablecoin legislation by August and announced that the administration recommends signing the current proposal.
If the bill passes the Senate, the focus will shift to discussions in the House of Representatives. The House Financial Services Committee has already passed its own stablecoin bill in May by a vote of 32 to 17, making it necessary to reconcile between both chambers.
View Original
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
U.S. Senate passes motion to end debate on stablecoin regulation bill, heading to final vote.
On the 11th, the U.S. Senate passed a motion to end debate on the stablecoin regulation bill "GENIUS Act" with a vote of 68 to 30. The bill is now prepared for the final vote, which is scheduled to take place next Monday.
The bill mandates that stablecoins be fully backed by the US dollar or equivalent liquid assets. It requires annual audits for issuers with a market capitalization exceeding $50 billion and includes regulations for foreign issuers.
President Trump's advisory team expressed support for the bill this week. The President hopes to sign the stablecoin legislation by August and announced that the administration recommends signing the current proposal.
If the bill passes the Senate, the focus will shift to discussions in the House of Representatives. The House Financial Services Committee has already passed its own stablecoin bill in May by a vote of 32 to 17, making it necessary to reconcile between both chambers.