The U.S. Senate has officially scheduled its final vote on the GENIUS Act, a landmark bill that could define the future of stablecoin regulation in the country.
According to a notice posted on the Senate Democrats’ website, the vote is set for 17th of June, with the exact time to be determined by the Majority Leader in coordination with the Democratic Leader.
Formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, the bill proposes a comprehensive framework for the issuance and oversight of U.S. dollar-backed stablecoins.
Key Provisions of the GENIUS Act
The legislation includes several critical requirements for stablecoin issuers:
- Stablecoins must be fully backed by U.S. dollars or similarly liquid assets.
- Issuers with over $50 billion in market capitalization will be subject to mandatory annual audits.
- The bill also outlines regulatory compliance standards for foreign-based issuers operating within the U.S. market.
The Senate took a procedural vote on Wednesday to advance the bill, paving the way for the final decision. If passed, the GENIUS Act would mark a major step toward legal clarity in the rapidly expanding stablecoin sector, potentially reshaping how digital dollars are issued, audited, and managed within the financial system.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/u-s-senate-revealed-when-the-final-vote-on-stablecoin-regulation-will-take-place/