The GENIUS Act is one step closer to becoming law in a development that may make stablecoin issuers key players in the US economy.
Stablecoin adoption among United States banks and financial institutions may accelerate following the passage of new legislation in the Senate.
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act passed the US Senate in a 68–30 Tuesday vote, Cointelegraph reported. The bill aims to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.
The Senate vote sends a “strong positive signal to institutions” that brings the bill one step closer to becoming law, according to Katalin Tischhauser, head of investment research at digital asset bank Sygnum.
