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Promote with Leviathan NewsThe U.S. Senate has advanced the GENIUS Act, a bipartisan bill to create a federal regulatory framework for U.S. dollar–pegged stablecoins, by voting to invoke cloture on the measure with a roughly two‑thirds majority (reported as 66–32 or 68–30 in different procedural votes). This cloture vote overcomes the main procedural hurdle in the chamber and sets up a final up‑or‑down vote on the bill the following week. The legislation, formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), is sponsored by Sen. Bill Hagerty and backed by most Republicans along with a significant bloc of Democrats, reflecting growing bipartisan interest in giving stablecoins a clear legal status. Substantively, the GENIUS Act would require major payment stablecoins to be fully backed one‑for‑one by U.S. dollars or similarly low‑risk assets, mandate regular public disclosures, and impose annual independent audits on issuers. It also restricts which entities can issue certain types of stablecoins and places additional conditions on non‑financial public companies that might seek to issue them, including requirements around financial risk management, consumer data privacy, and fair business practices. The measure is significant because it would establish the first comprehensive federal rules tailored specifically to payment stablecoins in the U.S., an asset class that underpins large portions of crypto trading and on‑chain dollar liquidity. If the Senate ultimately passes the bill, it will move to the House, where lawmakers could seek changes or link it to broader market‑structure legislation, potentially complicating its path but underscoring stablecoins’ emergence as a front‑burner policy issue in U.S. crypto regulation.
AI-generated background, compiled from web sources — not editorial content.
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