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flag Senate advances GENIUS Act to regulate stablecoins, requiring backing by dollars or liquid assets.

flag The Senate Banking Committee has advanced the GENIUS Act, a bill to regulate stablecoins, with bipartisan support. flag The legislation, introduced by Senator Bill Hagerty, establishes licensing and regulatory requirements for stablecoin issuers. flag It mandates that stablecoins be backed by U.S. dollars or highly liquid assets and requires compliance with anti-money laundering standards. flag The bill now heads to the full Senate for a vote.

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