TLDR on the stablecoin bill: The GENIUS Act
Here’s what’s inside:
- Backed 1:1 by cash or Treasuries
- Strict AML & bankruptcy rules
- Bans Big Tech from issuing stablecoins
- States can regulate small issuers
-No yield-bearing stablecoins allowed
The senate just passed a cloture vote (procedural vote to end debate on a bill and move it toward a final vote)
Next the Senate will proceed to a final debate and actually vote on the bill
once passed, it’s moved to the house!
ITS HAPPENING!!