The US Senate has voted to advance the GENIUS Act, a bill regulating the stablecoin market. The document received bipartisan support (66 votes in favor), allowing it to be sent to the House of Representatives for consideration. Previously, Democrats, including Elizabeth Warren, opposed the project, claiming that it ignores amendments and serves the interests of crypto businesses associated with the Trump administration.
The GENIUS Act sets strict rules for stablecoin issuers: 100% dollar or liquid asset reserves, a ban on association with the FDIC, priority for coin holders in bankruptcy, monthly reporting, and mandatory audits for large companies. The document also allows foreign issuers, but under the control of US regulators.
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