The GENIUS Act establishes a regulatory framework for stablecoins, enhancing consumer protection and ensuring transparency in the digital asset market.
The U.S. Senate passed the GENIUS Act with a 68 to 30 vote, creating a regulatory framework for dollar-pegged stablecoins. The act mandates that stablecoins be backed by liquid assets and requires issuers to disclose reserves monthly. The bill now moves to the House for further consideration, reflecting ongoing legislative efforts to regulate digital assets. Critics express concerns that the bill favors industry interests over consumer protection.