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The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) is a bipartisan U.S. Senate bill aimed at regulating stablecoins, cryptocurrencies pegged to assets like the U.S. dollar. On May 19, 2025, it passed a key procedural vote (66-32) and is set for a full Senate vote soon, potentially becoming the first federal stablecoin law during Trump’s second term. The act requires issuers to hold safe reserves (e.g., Treasury bills), comply with anti-money-laundering laws, and prioritize consumers in bankruptcies, aiming to ensure stability and transparency. Supporters, like Senators Bill Hagerty and Cynthia Lummis, say it boosts U.S. dollar dominance and crypto innovation. Critics, like Senator Elizabeth Warren, argue it lacks consumer protections and could benefit Trump’s stablecoin ventures, like USD1, risking corruption. The bill’s progress lifted Bitcoin to $106,011 (+2.3%) and may favor XRP due to Ripple’s payment focus. A final vote is expected by May 26, 2025.