The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization, and add language around foreign issuance
Quote
Sources
US Senate votes to move forward with GENIUS Act as stablecoin legislation picks up speed
Senate votes to move forward on landmark stablecoin legislation
Referenced by
Genius Act requires annual audits for large stablecoin issuers with more than $50 billion in market capitalization and segregation of reserves from operational capital
Crypto news
Claim
GENIUS bill would permit banks and other firms to issue stablecoins under defined regulatory requirements, including full backing with U.S. dollars or similarly liquid assets, monthly reserve disclosures, the ability to freeze tokens upon law enforcement request, mandatory annual audits for issuers exceeding $50 billion in market capitalization, and added provisions concerning foreign issuance
Crypto news
Claim