#GENIUSActPass
The GENIUS Act, short for *Guiding and Establishing National Innovation for U.S. Stablecoins*, was officially passed by the U.S. Senate with a 68â30 vote đ. It marks the first major federal legislation to regulate stablecoinsâdigital currencies pegged to assets like the U.S. dollar.
đȘ The act requires stablecoin issuers to hold full reserves in cash or short-term Treasury bills, publish monthly audits, and comply with anti-money laundering rules. It opens the door for banks, fintechs, and even retailers to issue their own stablecoins under federal oversight.
đŒ While the bill is seen as a win for innovation and consumer protection, it sparked controversy for exempting the president from conflict-of-interest rulesâespecially amid scrutiny of Trumpâs crypto holdings.
đ The GENIUS Act could reshape how digital dollars are used in payments, finance, and beyond. Let me know if you want a breakdown of how this might affect crypto markets or stablecoin adoption!
