GENIUS Act passes House

Key Points

1. The GENIUS Act passed the House with a 307-122 vote and the Senate with a 68-30 vote, requiring stablecoin issuers to maintain fully-backed reserves of US dollars or similarly liquid government-issued assets.

2. Issuers with more than $50 billion in issued assets are subject to additional requirements, though specific details were not provided in the excerpt.

3. Rep. Bryan Steil praised the act as a milestone for US crypto policy, emphasizing its role in fostering Web3 business innovation in the US.

4. Critics, like Democrat Sean Casten, argued the act lacks sufficient consumer protections and safeguards against stablecoin runs, comparing it unfavorably to regulations for banks and investment companies.

5. The bill's passage followed negotiations with GOP holdouts and is part of broader legislative efforts, including the CLARITY Act and the Anti-CBDC Surveillance Act, though attempts to combine these bills were not successful.