Gate News bot message, the U.S. Senate has passed a landmark stablecoin regulation bill, which President Donald Trump praised as “pure genius” and urged the House of Representatives to send it to his desk immediately.
The “GENIUS Act” is the first federal stablecoin framework, which has received bipartisan support in the Senate, marking an important milestone in the field of cryptocurrency regulation. The bill stipulates 1:1 reserve backing, monthly audits, and anti-money laundering compliance, while allowing banks, fintech companies, and retailers to issue stablecoins.
Trump celebrated the move on Truth Social, writing: “The Senate has just passed an incredible bill that would make the United States the undisputed leader in digital assets – unmatched, it’s nothing short of genius!” Digital assets represent the future, and our country will control it. We’re talking about massive investments and major innovations. ”
He continued to point out: “I hope the House can pass a clean and tidy ‘GENIUS Act’ at lightning speed. Please send it to my desk as soon as possible - do not delay, do not attach any conditions. This is a pinnacle of American wisdom, and we will show the world how to win with digital assets in an unprecedented way!”
(Source: Truth Social)
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