HOT DEVELOPMENT: Positive Legislation for Cryptocurrencies Passed in the Senate!

The U.S. Senate took a significant step in regulating stablecoins at the federal level by passing the GENIUS Act, which is considered an important milestone in the cryptocurrency sector. The law, which passed with the support of some Democratic senators, has begun to apply pressure on the House of Representatives regarding the future of digital assets.

The bill introduced by Republican Senator Bill Hagerty has passed the Senate, becoming the first significant legal regulation regarding cryptocurrencies in U.S. history. Hagerty thanked the senators who expressed their support before the vote. The law successfully passed the final vote as expected after the preliminary vote held last week with a large majority.

The final vote in the Senate took place after weeks of committee hearings, procedural votes, and a failed vote last month when Democrats withdrew their support. Since taking office this year, President Donald Trump's administration has been calling on Congress to establish a clear legal framework in the cryptocurrency space.

Under the new law, it becomes mandatory for stablecoins to be fully backed only by US dollars or similar liquid assets. Additionally, an annual audit requirement is introduced for stablecoin issuers with a market capitalization of over 50 billion dollars. Regulations regarding foreign issuers are also included in the law.

The law also seriously restricts public large companies like technology giants Meta and Amazon from issuing stablecoins with strict criteria. These companies will not be able to issue stablecoins unless they meet specific conditions regarding financial risks and user data privacy.

Another noteworthy provision of the law concerns bankruptcy situations: Stablecoin holders are granted "bankruptcy priority," allowing them the right to recover their funds first in the event of a potential bankruptcy. This arrangement is also designed to protect existing depositors in banks.

*This is not investment advice.

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