The U.S. Senate passed the stablecoin regulation "GENIUS Act"

On June 17, the U.S. Senate voted 51-23 to pass the National Innovation Act for Guiding and Building U.S. Stablecoins (GENIUS Act), which has been sent to the House of Representatives for consideration. The vote was a continuation of the 68-30 vote that ended the debate on 11 June, when a mandatory 30-hour countdown was launched to move forward with the final vote.

Tennessee Republican Senator Bill Hagerty, as the primary sponsor of the bill, called the vote "a great victory for America." Hagerty stated on social media X that the GENIUS bill establishes the first regulatory framework conducive to the development of payment stablecoins.

Hagerty pointed out that the implementation of the GENIUS Act will solidify the dollar's position, protect consumers, increase demand for government bonds, and ensure U.S. control over digital asset innovation. He emphasized that linking stablecoins to cash or short-term government bonds combines the stability of the dollar with the speed of blockchain, enabling instant settlement and opening up a new generation of payment methods.

He also predicted that by 2030, stablecoin issuers could become the largest holders of government bonds globally, enhancing fiscal resilience. The "GENIUS Act" also requires stablecoin issuers to hold reserves equal to the amount of circulating tokens, limited to short-term U.S. government bonds or insured deposits, and prohibits issuers from earning yields. At the same time, reserves must be kept in separate accounts, and issuers must maintain compliance programs, conduct customer due diligence, and report suspicious activities.

The bill also stipulates that entities with liabilities exceeding $10 billion must obtain federal charters; smaller issuers may operate under state systems that meet federal standards, but they must still undergo joint reviews by federal regulators. Additionally, the Treasury will be required to issue quarterly audit templates, and the Commodity Futures Trading Commission (CFTC) will be granted limited enforcement authority over the spot market.

At the same time, Treasury Secretary Scott Bessent stated that the new regulations on cryptocurrency stablecoins help reduce government borrowing costs, decrease national debt, and allow millions of users worldwide to use dollar-denominated digital currencies. With the Senate passing the GENIUS Act, the public is looking forward to its final review in the House of Representatives.

#GENIUS法案 # stablecoin regulation