The U.S. Senate passed the procedural vote on the stablecoin bill and will hold the final vote next Monday.

[Chain News] On June 12, it was reported that the U.S. Senate passed the “Stablecoin Innovation and Regulatory Act” (GENIUS Act) procedural vote with a tally of 68 to 30 on Wednesday local time, clearing the way for the final vote. The bill is set for a final vote on Monday unless Republican and Democratic leaders reach a time agreement to shorten the debate period on the bill and advance the final vote.

The bill requires that stablecoins must be fully backed by US dollars or equivalent liquid assets, and it imposes annual audits on issuers with a market capitalization exceeding $50 billion. The House has not yet held a full vote on the bill. The Senate and the House must reach a consensus on their respective bills. The two chambers’ bills differ in the regulatory approach at the state and federal levels for issuers, and they also vary in their regulation of foreign issuers.