The “GENIUS Act”, a stablecoin bill that has long been anticipated for approval in the US but was rejected in the first vote held in the past few months, may be approved on Wednesday.
According to Bloomberg, U.S. Senate Republican leader John Thune submitted an amendment to end the debate on the GENIUS Act, and the vote will take place on Wednesday.
Accordingly, on Monday, Senator John Thune introduced a closure motion on the GENIUS Act, advancing the bill toward a final vote.
The relevant voting will take place this week and 60 votes are needed for the final approval of the bill. After passing the Senate, the bill will go to the House of Representatives.
The proposed stablecoin bill will set rules for dollar-pegged tokens used for payments. When the bill is passed, it will require that stablecoins are fully backed by US dollars or similar highly liquid assets. The bill will also mandate annual audits for issuers with market capitalizations exceeding 50 billion dollars.
*This is not investment advice.
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