The U.S. Senate has passed the GENIUS Act with a bipartisan vote, creating the first comprehensive federal regulations for fiat-backed stablecoins. Introduced by Senator Bill Hagerty and co-sponsored by several senators, this legislation mandates strict guidelines for stablecoin issuers, including requiring dollar-backed reserves and regular disclosures. The act aims to clarify the regulatory status of stablecoins and strengthen America's position in the global cryptocurrency market, which proponents argue will also benefit Bitcoin usage and facilitate easier access for new users across various sectors.
"Today, on a bipartisan basis, the Senate passed its first piece of major legislation this Congress with my bill-the GENIUS Act. With GENIUS, the United States is one step closer to becoming the crypto capital of the world."
"The U.S. Senate has passed the GENIUS Act - landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online."
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