The U.S. Senate will conduct a final vote on the GENIUS stablecoin bill on June 17.

Gate News bot message: The U.S. Senate will hold a final vote on the “U.S. Stablecoin Act” (GENIUS Act) next Tuesday (June 17) to determine the regulatory framework for stablecoins in the United States.

The official website of the Senate Democrats announced the final voting date in a notice on Thursday, adding that the specific time will be determined after negotiations between the majority leader and the Democratic leader.

The bill aims to lay a legal foundation for stablecoins, requiring that stablecoins be fully backed by US dollars or similar liquid assets, mandating annual audits for issuers with a market value exceeding $50 billion, and adding compliance guidelines for overseas issuers.

The Senate voted on Wednesday to pass the bill, paving the way for a final vote. If the “GENIUS Act” passes in the Senate, it will be submitted to the House for a vote. The House Financial Services Committee also has its own stablecoin legislation, the “Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act” (STABLE Act), which was approved by the committee in May.

Source: The Block