U.S. Senate to Decide Stablecoin Future with GENIUS Act on June 17

The U.S. Senate is preparing for a key vote on the GENIUS Act, a new bill that could shape the future of stablecoins in America. The vote is scheduled for Tuesday, June 17, and could mark a turning point for crypto regulation in the country. The U.S. Treasury Secretary believes the stablecoin market cap could exceed $2 trillion in the next few years.

What’s the GENIUS Act About?

The full name of the bill is the Guiding and Establishing National Innovation for U.S. Stablecoins Act. Its goal is to bring legal clarity to stablecoins by setting specific rules for issuers. If passed, stablecoin providers would be required to fully back their tokens with U.S. dollars or other liquid assets. The bill also mandates yearly audits for companies that issue more than $50 billion worth of stablecoins, and it includes extra compliance measures for foreign issuers like Tether.