TechFlow news, May 16 — According to CoinGape, the U.S. Senate will hold a cloture vote on the stablecoin bill, the GENIUS Act, on May 19. Senate Majority Leader John Thune has formally filed the cloture motion.
The bill requires stablecoin issuers with assets exceeding $10 billion to be regulated by the Federal Reserve, while smaller issuers would be overseen by state authorities. All issuers must maintain full reserves in assets such as U.S. dollars or Treasury securities. Additionally, the bill includes amendments imposing stricter rules on technology companies' involvement in financial assets, enhancing consumer protection and oversight of officials.
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