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Senate Advances GENIUS Act in Pivotal Stablecoin Regulation Vote
Senate Advances GENIUS Act in Pivotal Stablecoin Regulation Vote
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The U.S. Senate cleared a critical hurdle for the GENIUS Act with a 66-32 procedural vote, setting the stage for potential transformation of stablecoin oversight. The legislation mandates dollar-for-dollar reserve backing and establishes federal supervision frameworks.
Sponsors argue the bill brings urgently needed clarity to the $150B stablecoin sector. Market participants anticipate Ripple effects across crypto markets should the reserve requirements become law, though no specific coins or exchanges are directly implicated in the current legislative text.
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