The US Senate passed the GENIUS Act, which establishes a regulatory framework for stablecoins, marking a significant development in the digital asset landscape. With bipartisan support, the bill aims to create rules for US-dollar-pegged cryptocurrencies, requiring issuers to back tokens with liquid assets and publicly disclose their reserves. This legislative move addresses the rapid growth of stablecoins and the crypto industry's push for clear guidelines, potentially expanding their usage in financial transactions. The bill now awaits approval from the House and President Trump's desk.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets such as US dollars and short-term Treasury bills.
The bill, dubbed the GENIUS Act, received bipartisan support on Tuesday, with several Democrats joining most Republicans to back the proposed federal rules.
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