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On Tuesday, the U.S. Senate passed the GENIUS Act with 68-30 bipartisan support, advancing the bill onto the House of Representative and marking the first crypto-specific legislative action in American history.
Short for “Guiding and Establishing National Innovation for U.S. Stablecoins,” the GENIUS ACT is a comprehensive stablecoin regulatory framework introduced by Tennessee Senator Bill Hagerty for “payment stablecoins,” or digital assets that are pegged to a monetary unit of account (like the U.S. dollar) and whose issuer is obligated to convert, redeem, or repurchase the tokens for a fixed value.
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