The U.S. Senate voted 68–30 to move forward with GENIUS Act stablecoin bill

The U.S. Senate voted 68–30 to move forward with GENIUS Act stablecoin bill, setting it up for an imminent final vote as early as next Monday.

The bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with more than $50bn in market capitalization, and add language around foreign issuance.