On June 17th, the US Senate passed the GENIUS Act by a vote of 51 to 23, which is the first significant cryptocurrency legislation to be passed and aims to establish a federal regulatory framework for stablecoins. The bill requires stablecoins to be fully reserved in US dollars or equivalent liquid assets, and issuers with a market value exceeding $50 billion must undergo annual audits. It also stipulates priority repayment clauses for foreign issuances and bankruptcies. The next step will be submitted to the House of Representatives for review, which will need to decide whether to proceed with its own version of the Stablecoin Transparency and Accountability for a Better Ledger Economy Act or adopt the GENIUS bill passed by the Senate. （The Block） https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=44147