GENIUS #Stablecoin Bill Faces Critical Senate Vote Wednesday


Senate Majority Leader John Thune filed cloture on Monday for the GENIUS Act, setting up a crucial procedural vote on Wednesday that could advance landmark #stablecoin regulation.


The bill requires at least 60 votes to proceed, with lawmakers previously voting 66-32 to invoke cloture last month.


The legislation mandates full backing of stablecoins by U.S. dollars or highly liquid #assets, while requiring annual audits for issuers exceeding a $50 billion market cap.


Foreign stablecoin issuers would need to have the technological capacity to comply with lawful asset seizure and freezing orders.


#Bitwise CIO Matt Hougan called the advancement "historic," suggesting the U.S. could see its first comprehensive #crypto legislation by summer.

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June 10, 2025 at 1:12 PM