US EditionSenate Passes Stablecoin Bill in Big Win for Crypto Industry
UNITED STATES, JUN 18 – The GENIUS Act introduces federal guardrails, including full reserve backing and audits, to regulate the $250 billion stablecoin market and aims to boost U.S. financial leadership, passed 68-30.
- On Tuesday, lawmakers in the U.S. Senate approved the GENIUS Act, creating nationwide regulations for stablecoins backed by the U.S. dollar with support from both political parties.
- The bill follows stalled legislative efforts and opposition mainly from Sen. Jeff Merkley and Democrats concerned about conflicts linked to Trump’s crypto involvement.
- GENIUS requires stablecoins to be fully backed by liquid assets like dollars and Treasury bills, mandates monthly reserve disclosures, and places oversight under the Treasury.
- Circle’s shares surged 20% after the bill passed, and analysts predict the law will legitimize stablecoins and boost crypto adoption, with Bernstein noting they may become the internet’s money rail.
- The bill’s passage marks a major integration of digital assets into mainstream finance but faces challenges in the Republican-led House, where bundling with market structure bills may delay final approval.
Insights by Ground AI
Does this summary seem wrong?
Podcasts & Opinions
232 Articles
232 Articles
Stablecoin bill creates protections for crypto users, critics say it's not enough
Proponents of the bill establishing regulations for payments with stablecoins say it is the first step in establishing protections for businesses and consumers while opponents say it lacks important guardrails.
·Washington, United States
Read Full Article
New Crypto Bill Will “Unleash Chaos,” Warns Economist
The Senate recently passed the Genius Act. This bill establishes regulatory frameworks for the stablecoin, a cryptocurrency that will hold the same value as the US dollar. For the digital assets industry, the move is a historic milestone. But Barry Eichengreen, Professor of Economics and Politics at U.C. Berkeley, warns that the Genius Act could bring economic chaos. He joins the show to explain.
Coverage Details
Total News Sources232
Leaning Left22Leaning Right23Center58Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 21%
C 56%
R 22%
Factuality
To view factuality data please Upgrade to Premium
