A bill providing a federal regulatory framework for stablecoin issuers is set to be signed into law.
The House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, commonly known as the GENIUS Act, on Thursday, July 17. The Senate passed the measure last month.
Under the legislation, all stablecoin issuers will be subject to monthly examination by a registered public accounting firm. Additionally, those with over $50 billion in stablecoin issuance will be subject to an annual financial statement audit under PCAOB auditing standards.
The legislation will require stablecoin issuers to report monthly on outstanding stablecoins and reserve asset disclosures. Read more.