The U.S. Senate advanced the GENIUS Act, a landmark bill to create a federal regulatory framework for stablecoins, and the legislation was set up for a final floor vote on June 17. The bill had already cleared a key procedural hurdle with bipartisan support, putting it within one vote of Senate passage and moving it closer to becoming law. The measure matters because it would establish guardrails for the roughly $250 billion stablecoin market, including licensing requirements, reserve backing standards, audits, disclosures, and consumer protections. It would also clarify how issuers are supervised, with different treatment depending on whether they are banks, nonbanks, or smaller issuers operating under comparable state regimes. If enacted, it would be the first major federal stablecoin framework and a significant step in U.S. crypto regulation, with the House next in line to act after Senate passage.

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