PANews reported on June 12 that according to The Block, the U.S. Senate passed the Stablecoin Innovation and Regulation Act (GENIUS Act) by a vote of 68 to 30 on Wednesday local time, clearing the way for the final vote. The bill will be voted on on Monday unless Republican and Democratic leaders reach a time agreement to shorten the debate on the bill and advance the final vote.

The bill requires stablecoins to be fully backed by U.S. dollars or equivalent liquid assets, and annual audits for issuers with a market value of more than $50 billion. The House of Representatives has not yet voted on the bill in its entirety. The Senate and the House of Representatives must reach consensus on their respective bills. The two bills differ in how issuers are regulated at the state and federal levels, and also in how foreign issuers are regulated.