Key Highlights:
- The Senate will vote on the GENIUS Act this Wednesday.
- The bill would require stablecoins to be fully backed by USD or equivalent assets.
- It mandates annual audits for large issuers.
- Provisions include compliance requirements for foreign stablecoin issuers.
Legislation Targets Stablecoin Oversight
Senate Majority Leader John Thune has filed cloture for a vote on the GENIUS Act, setting the stage for the most comprehensive U.S. stablecoin legislation to date. The bipartisan bill aims to regulate stablecoin issuance and reserves.Key Provisions of the GENIUS Act
The bill requires that all stablecoins be fully backed by dollars or highly liquid assets. Issuers with a market cap over $50 billion must undergo annual audits. Foreign stablecoin issuers must demonstrate technical capacity to comply with law enforcement actions like freezing criminal funds.Industry Response and Expectations
Crypto industry figures have praised the bill as a step toward cementing U.S. leadership in digital asset regulation. Bitwise CIO Matt Hougan noted the vote as a pivotal moment for crypto legislation, with expectations for final passage by summer.
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