Sumit Gupta: GENIUS Act passes in the Senate to ease stablecoin regulation
@smtgpt: GENIUS Act passes Senate
The United States Senate has passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), according to a tweet by Sumit Gupta.
The legislation introduces a dual federal–state licensing framework for stablecoin issuers, aiming to establish a regulated and secure environment for these digital assets. Key provisions of the GENIUS Act include a mandatory 1:1 reserve backing of stablecoins in high-quality liquid assets and stringent audit requirements, enhancing systemic transparency and stability.
Sumit Gupta, a known figure in the cryptocurrency industry, highlights the importance of this move toward national innovation in stablecoin regulations. The act is expected to facilitate the stablecoin market’s growth while ensuring consumer protection and financial stability.
The passage of this bill marks a significant step for the United States in aligning with the evolving digital currency landscape while maintaining rigorous financial oversight.
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The Senate’s approval of the GENIUS Act underscores the growing focus on regulatory clarity and innovation within the digital asset sector. Recent developments in stablecoin oversight parallel industry moves such as CoinDCX’s introduction of Web3 mode for INR token purchases, which broadened access to crypto assets and facilitated compliance for retail participants. Additionally, advancements in automated trading on CoinDCX’s platform reflect a broader industry shift toward transparency and efficiency—objectives echoed in the GENIUS Act’s legislative framework.
In the previous news, tweet author Sumit Gupta discussed CoinDCX's strategy to reach broader audiences beyond social media.
