Feed: Slashdot
Feed Link: https://slashdot.org/
---

Title: Senate Passes Stablecoin Bill In Major Win For Crypto Industry

Link: https://slashdot.org/story/25/06/18/0036236/s...

The U.S. Senate has approved the GENIUS Act with a 68-30 final vote that "saw
a huge surge of Democrats joining their Republican counterparts," reports
CoinDesk. What the bill sets out to do is create the first federal regulatory
framework for U.S. stablecoins, requiring issuers to maintain full 1:1
reserves in cash or Treasuries, adhere to regular audits and anti-money
laundering rules, and gain regulatory approval -- all while allowing foreign
stablecoin access under strict oversight rules. From the report: As written,
the bill would set up guardrails around the approval and supervision of U.S.
issuers of stablecoins, the dollar-based tokens such as the ones backed by
Circle, Ripple and Tether. Firms making these digital assets available to
U.S. users would have to meet stringent reserve demands, transparency
requirements, money-laundering compliance and regulatory supervision that's
also likely to include new capital rules. "This is a win for the U.S., a win
for innovation and a monumental step towards appropriate regulation for
digital assets in the United States," said Amanda Tuminelli, executive
director and chief legal officer of the DeFi Education Fund, in a similar
statement. [...] While this is the first significant crypto bill to clear the
Senate, it's also the first time a stablecoin bill has passed either chamber,
despite years of negotiation in the House Financial Services Committee that
managed to produce other major crypto legislation in the previous
congressional session. The destiny of the GENIUS Act is also tied closely to
the House's own Digital Asset Market Clarity Act, the more sweeping crypto
bill that would establish the legal footing of the wider U.S. crypto markets.
The stablecoin effort is slightly ahead of the bigger task of the market
structure bill, but the industry and their lawmaker allies argue that they're
inextricably connected and need to become law together. So far, the Clarity
Act has been cleared by the relevant House committees and awaits floor
action.

Read more of this story at Slashdot.

---
VRSS v2.1.180528