The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

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 is a proposed bill that regulates one type of cryptocurrency called stablecoins, a $200 billion part of the multi-trillion-dollar cryptocurrency system. The bill’s name stands for Guiding and Establishing National Innovation for U.

The Senate on Tuesday passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill that establishes federal oversight for US dollar-pegged stablecoins. The legislation,

US Senate passes the GENIUS stablecoin bill, advancing it to the House for a vote in 3 weeks with rules on backing, audits, and oversight.

A majority of lawmakers in the US Senate voted in favor of the GENIUS Act to regulate stablecoins, marking a significant milestone for crypto-related legislation.

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

As Eleanor Terrett reveals, the GENIUS Stablecoin Act is poised for US Senate passage on Tuesday, setting the stage for a House vote.

The GENIUS Act, a stablecoin regulation bill in the United States Senate, faces a key vote on June 17, and industry stakeholders are weighing in on what it means if it passes.