U.S. Senate Passes Stablecoin Bill with 68-30 Vote
The U.S. Senate passed the stablecoin bill, known as the GENIUS Act, with a 68-30 vote, indicating significant bipartisan support. The bill now moves to the House of Representatives.
Key points include:
- The bill establishes regulations for U.S. stablecoin issuers, requiring compliance with reserve demands, transparency, and anti-money laundering measures.
- Major Democratic support enhances its momentum, while some critics express concerns over potential loopholes and conflicts of interest.
- This is the first stablecoin legislation to pass either chamber of Congress after years of negotiations.
- The GENIUS Act's future is linked to the House's Digital Asset Market Clarity Act, which aims to provide broader regulatory clarity for digital assets.
- A report from TRM Labs indicates that stablecoins account for over 60% of crypto transactions, with 90% pegged to the U.S. dollar.
- Despite their legitimacy, stablecoins face scrutiny due to associations with illicit activities.