Senate passes GENIUS stablecoin bill amid concerns over systemic risk
The US Senate voted to pass the GENIUS Act, a bill regulating stablecoins, but observers believe lawmakers may have ignored stability concerns in Treasury markets.
The US crypto industry is celebrating as the GENIUS Act, a framework for stablecoin regulation, was passed in the US Senate on June 17.
The bill passed 68-30 in a bipartisan effort, roughly six weeks after Tennessee Senator Bill Hagerty introduced it to the Senate. It will now head to the House of Representatives, where Congress must reconcile it with the House’s own STABLE Act, which also seeks to regulate stablecoins.
The act holds a number of provisions, from rules for issuers, Anti-Money Laundering measures and mandatory 1:1 backing of stablecoins with reserves like US dollars and short-term Treasury securities.