crypto

The U.S. Senate voted to advance the GENIUS stablecoin bill 🇺🇸
📊 68 “for” — 30 “against”

The U.S. Senate approved the cloture procedure for the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), meaning the final vote will take place on Monday unless an expedited agreement is reached between parties.

📌 What the GENIUS Act entails:

— 💵 All stablecoins must be fully backed by the U.S. dollar or other liquid assets

— 📈 Issuers with a market capitalization exceeding $50 billion must undergo an annual audit

— 🌍 Provisions are introduced for foreign issuers (e.g., Tether)

✅ President Trump, through his advisors, has already expressed readiness to sign the bill before August.

📍 If GENIUS passes the Senate, it will need to be reconciled with an alternative bill from the House of Representatives, where there are differences regarding federal and regional regulation.

$USDT $USDC $FDUSD $EURC $USDE #Tether