GENIUS Act Decision Looms: Will Senate Greenlight New Crypto Controls?
The US Senate is scheduled to vote today on the GENIUS Act managing stablecoins. The expense needs stablecoins to be completely backed by US dollars or liquid properties. It restricts non-financial public companies from releasing stablecoins without conference stringent compliance requirements.
The US Senate is set up to vote today on the GENIUS Act managing stablecoins. The expense requires stablecoins to be totally backed by US dollars or liquid assets. It forbids non-financial public companies from offering stablecoins without meeting stringent compliance standards. The legislation gained bipartisan support after modifications addressed Democratic concerns. New rules require government officials to disclose if they hold over $5,000 in stablecoins.
Lawmakers in the United States Senate are prepared to vote on the GENIUS Act, a comprehensive stablecoin regulation bill. The legislation also restricts corporate stablecoin issuance by non-financial public companies unless they meet new compliance standards.
Regulation Information and Market Impact
The bill requires stablecoin issuers with assets above $50 billion to undergo annual independent audits. The bill does not directly regulate entities outside current official roles.
GENIUS Act Gains Edge Over STABLE Act
The House of Representatives has advanced its own stablecoin proposal, the STABLE Act, with different approaches to state-level oversight.
The United States Senate is arranged to vote today on the GENIUS Act managing stablecoins. The bill requires stablecoins to be fully backed by US dollars or liquid assets. It prohibits non-financial public companies from offering stablecoins without meeting stringent compliance standards. The legislation received bipartisan support after changes addressed Democratic concerns. New regulations necessitate government officials to disclose holdings over $5,000 in stablecoins.
Lawmakers in the United States Senate are set to vote on the GENIUS Act, a comprehensive stablecoin regulation bill. The bill also limits corporate stablecoin issuance by non-financial public companies unless they adhere to new compliance standards.
Regulation Details and Market Impact
The bill mandates annual independent audits for stablecoin issuers with assets exceeding $50 billion. Senate Democrats raised concerns about potential foreign abuse through private providers. To mitigate this, the bill prohibits active members of Congress and executive branch officials from issuing or directly owning stablecoins. It does not directly regulate entities beyond current official capacities.
GENIUS Act Gains Edge Over STABLE Act
The House of Representatives has progressed its stablecoin proposal, the STABLE Act, with varying approaches to state-level oversight.
