Report on the GENIUS Stablecoin Act
The United States Senate will hold a vote on Thursday on the GENIUS Stablecoin Act. The act requires stablecoins to be fully backed by assets such as US dollars and short-term Treasury bonds. To pass, at least 60 supporting votes are needed. However, support from some Democratic legislators is required, as there is currently opposition from both parties. Democratic legislators are demanding stricter control measures for foreign stablecoin issuers and anti-money laundering efforts. In contrast, some Republican legislators are skeptical about the necessity of the act.
Meanwhile, the Democratic Party is investigating the relationship between former President Trump and the cryptocurrency industry, adding complexity to the act's advancement. This voting result will significantly impact stablecoin regulatory policy in the United States. Previously, Senator Lummis declared support for the GENIUS Act to regulate the stablecoin market.
