The US Senate has approved the GENIUS Act. It sets rules for stablecoins. The bill requires full reserve backing and monthly audits. It allows various firms to launch stablecoins. Senator Bill Hagerty calls it a move to modernize finance.

The GENIUS Act (S. 1582), legislation that aims to provide regulatory clarity for stablecoins, is expected to head to a floor vote in the US Senate tomorrow.

The GENIUS Act "makes it prohibitive for non-financial public companies to become stablecoin issuers," Bernstein said, noting recent reports that said Amazon and Walmart were exploring using these cryptocurrencies.

The Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, now faces a key vote in the United States Congress, and the stakes for the cryptocurrency industry are high.

The GENIUS Act  (S. 1582) was approved by the Senate today, thus moving federal regulations for stablecoins closer to reality.

JPMorgan has filed for a second trademark, “JPMD.” The U.S. Senate’s advancement of the bipartisan GENIUS Act has offered banks a clearer regulatory framework to