18.06.2025 02:37
The United States Senate overwhelmingly approved the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on Tuesday, marking a significant bipartisan achievement with a 68-30 vote. This landmark legislation represents the Senate's first major foray into cryptocurrency regulation, paving the way for a long-awaited federal framework governing dollar-pegged digital assets.
This comprehensive bill establishes a robust licensing system for issuers of payment stablecoins, mandating a one-to-one backing with either cash or short-term U.S. Treasuries held in strictly segregated accounts. Furthermore, stringent oversight measures are included, specifically targeting issuers managing over $50 billion in outstanding stablecoins, requiring annual audits and adherence to rigorous anti-money laundering and sanctions compliance standards.
Proponents, including key sponsors Senators Bill Hagerty, Tim Scott, and Cynthia Lummis, champion the GENIUS Act as a vital step towards modernizing the U.S. payments infrastructure and solidifying the dollar's global dominance. Secretary of the Treasury Scott Bessent further underscored the bill's economic potential, predicting a substantial expansion of the stablecoin market to a staggering $3.7 trillion by 2030, ultimately increasing Treasury demand and lowering federal borrowing costs.
However, dissenting voices, notably Senator Elizabeth Warren, expressed concerns, cautioning that inadequate oversight could mirror past financial crises, echoing worries about insufficient regulatory safeguards. The bill's future now rests with the House of Representatives, where internal Republican procedural disagreements could significantly impact its progress.
Passage in the House, without amendment, would send the bill to President Donald Trump, who is anticipated to sign it into law. This would establish definitive federal oversight of stablecoins, potentially clearing the path for further, broader cryptocurrency legislation. This article incorporates information from internet sources; for further details including original sources, please refer to DeepNewz.
