The Senate approved the guidance and established the national innovation for the American Stablecoins (Genius) Act well in a 51-23 votes on June 17, so that the measure was sent to the house for consideration.
The mood followed one 68-30 Cloture decision on 11 June That took the debate and started the mandatory countdown from 30 hours to the last roll call.
Senator Bill Hagerty (R-tenn.), The main sponsor of the bill, called the mood “a big win for the United States.”
In a statement that is shared on social media, he said that Genius “determines the first pro-growing regulating framework for payment stablecoins.”
He added:
‘[The bill] Will cement the dominance of the US dollar, protect customers, increase the demand for American treasury and ensure that innovation in the digital asset space is in the hands of the United States, not our opponents. “
Hagerty noted that the peging of Stablecoins combines the stability of the dollar one by one for cash or short-term treasuries with blockchain speed, making a near-instructive arrangement for companies and private individuals possible and “input a new generation in payment processing.”
He also projected that by 2030 Stablecoin -emission could become the largest holders of treasuries in the world, which strengthened tax resilience.
The Genius ACT requires that every payment staboin retains reserves that are equal to the number of tokens in circulation, limited to short-term American treasuries or insured deposits, and BARS expenditure for paying returns.
Reserves must be separated on accounts by operational capital, and issuers must maintain compliance programs of the Bank Secrecy Act, perform the due diligence checks from the customer and report suspicious activities.
Entities with more than $ 10 billion in obligations would need a federal charter; Smaller issuers could operate under constitutional regimes that meet federal standards, depending on joint investigations by federal supervisors.
In addition, the Ministry of Finance will be instructed to publish quarterly audits templates, and the Commodity Futures Trading Commission (CFTC) will have limited enforcement powers on the spot market.
Treasury Secretary Scott Bessent has argued that the reserve mandate could draw the private demand for Treasury accounts, reduce loan costs and introduce millions of users worldwide into a dollar-thread-long digital asset rails.
With Senate Passage protected, the genius law is now planning to plan in the house.