GENIUS Act legitimizes stablecoins for global institutional adoption

Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector. After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor. The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws. Related: German gov’t missed out on $2 source: https://cointelegraph.com/news/genius-act-legitimizes-stablecoins-institutional-adoption?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound