The U.S. Senate has advanced the GENIUS Act—a significant step toward establishing the nation’s first comprehensive federal regulatory framework for stablecoins. The bill passed a key procedural vote with a 66–32 margin, signaling bipartisan support after initial Democratic resistance due to concerns over President Trump’s financial ties to the crypto industry .  
The GENIUS Act aims to regulate stablecoins—cryptocurrencies pegged to assets like the U.S. dollar—by implementing reserve requirements, anti-money laundering protocols, and prioritizing investor repayment in bankruptcy scenarios . While the bill has garnered support for promoting innovation and financial stability, it faces criticism from figures like Senator Elizabeth Warren, who argue it could facilitate financial self-dealing and lacks sufficient consumer protections .  
The legislation’s progress has positively impacted the crypto market, with $BTC rising 2.2% to $105,380 and other major cryptocurrencies like $ETH , $XRP , and Solana also seeing gains . 
The GENIUS Act now moves to a full Senate floor vote, expected in the coming days. If passed, it will proceed to the House of Representatives before potentially being signed into law by President Trump. 
