Reported 14 days ago
The U.S. Senate has passed the GENIUS Act, establishing a regulatory framework for stablecoins, a pivotal move for the cryptocurrency sector. With bipartisan support, the bill, which passed 68-30, requires stablecoins to be backed by liquid assets and mandates issuers to disclose reserve compositions monthly. If successful in the House of Representatives and signed into law, this legislation could significantly enhance the use and transparency of stablecoins, amidst ongoing concerns about big tech's influence and potential corruption tied to President Trump's cryptocurrency ventures.
Source: YAHOO