The U.S. Senate passed a procedural motion (cloture) for the GENIUS Stablecoin Act amendment with 68 votes to 30, paving the way for a final vote, which could take place as early as next Monday unless both parties agree to shorten the debate time. Previously, the Senate attempted to advance the bill in May but failed, and about a week later passed another procedural motion with 66 votes to 32. The bill requires stablecoins to be fully backed by U.S. dollars or equivalent high-liquidity assets, and mandates annual audits for issuers with a market capitalization exceeding $50 billion. (The Block)
The U.S. Senate passed a procedural motion, and the GENIUS Stablecoin Act entered the final voting stage
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