New Development in the US's Cryptocurrency-Friendly GENIUS Bill! "Expected on Wednesday!"

The cryptocurrency-friendly stablecoin law called the “$GENIUS Act,” which has been expected to be approved in the United States for a long time but was rejected in the first vote held in recent months, may be approved on Wednesday.

US Senate Republican Leader John Thune has introduced a motion to end debate on the $GENIUS Act, with a vote scheduled for Wednesday, Bloomberg reported.

Accordingly, on Monday, Senator John Thune introduced a closing motion on the $GENIUS Act, advancing the legislation toward a final vote.

The relevant vote will be held this week and the bill needs 60 votes to be passed. After passing the Senate, it will go to the House of Representatives.

The stablecoin bill would set rules for dollar-pegged tokens used for payment. If passed, the bill would require stablecoins to be fully backed by US dollars or similar highly liquid assets. The bill would also mandate annual audits for issuers with market capitalizations exceeding $50 billion.

*This is not investment advice.