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The U.S. Senate has taken a significant step toward passing the GENIUS Act, a bill aimed at regulating stablecoins. With a 68-30 cloture vote, the bill moves closer to a final floor vote, potentially reshaping the crypto landscape.
- The GENIUS Act mandates 1:1 backing for stablecoins with high-quality assets like short-dated Treasuries.
- The Hagerty amendment removed contentious provisions, easing bipartisan support for the bill.
- Smaller stablecoin issuers may operate under state regimes if they meet federal standards.
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