U.S. House receives Senate-approved GENIUS Act targeting stablecoin issuers

The U.S. House of Representatives officially received the GENIUS Act from the Senate on the afternoon of June 23, according to a report by Crypto in America host Eleanor Terrett on X. The proposed legislation aims to establish a regulatory framework for stablecoin issuers, requiring them to obtain licenses, maintain 100% reserves and undergo annual audits if their market capitalization exceeds $50 billion. The bill also outlines compliance requirements for foreign stablecoin issuers operating in the U.S.