U.S. Senate passes GENIUS bill to regulate stablecoins
The U.S. Senate voted 68 to 30 to pass the Guiding and Establishing National Innovation in U.S. Stablecoins Act (GENIUS Act). The bill requires stablecoins to be fully reserved in U.S. dollars or equivalent highly liquid assets, and to have a market value of more than 50 billion U.S. dollars. Issuers conduct annual audits.