U.S. Senate to Vote on GENIUS Act for Stablecoin Regulation – Coincu
The post U.S. Senate to Vote on GENIUS Act for Stablecoin Regulation – Coincu appeared on BitcoinEthereumNews.com.
Key Points: The GENIUS Act is set for a U.S. Senate vote, impacting stablecoin regulation. Stablecoins backed by assets will require new transparency rules. Bipartisan support could shape future U.S. digital asset laws. On May 19, 2025, the U.S. Senate will vote on the GENIUS Act, a critical stablecoin regulatory bill to establish federal oversight. The GENIUS Act could reshape U.S. digital asset regulation, with implications for stablecoin issuers and consumers seeking transparency. Senate Prepares to Vote on $10 Billion Regulation Threshold The GENIUS Act, sponsored by Senator Bill Hagerty, advances to a Senate vote with support from leaders like Majority Leader John Thune. The proposed legislation requires stablecoin issuers holding assets over $10 billion to be regulated federally, while smaller issuers will face state oversight. Additionally, all stablecoins must be fully backed by tangible assets like U.S. dollars or treasury bonds. If passed, these changes would mandate transparency from major stablecoins such as USDT and USDC, which face tighter oversight. New amendments include bans on FDIC insurance misuse and enhanced bankruptcy protection, aiming for bipartisan approval. “We are creating regulatory clarity for digital assets to foster innovation while protecting consumers.” – Senator Bill Hagerty Market reactions have been mixed, with some viewing it as a stabilization effort for the digital currency market, while others are concerned about increased regulatory burdens. Noteworthy comments from lawmakers underscore the commitment to both innovation and accountability in the financial sector. GENIUS Act’s Legacy and Potential Global Impact Did you know? The GENIUS Act, through its comprehensive framework, follows in the footsteps of the STABLE Act, aiming to bring consistent regulation to stablecoin markets, a sector valued over $151 billion. Tether USDt (USDT) is trading at $1.00 with a market cap of formatNumber(151078485312, 2). Its trading volume in the last 24 hours was formatNumber(90962544463,…
Filed under: News - @ May 16, 2025 2:26 am