#GENIUSAct

The U.S. Senate has advanced the bipartisan GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) with a 66–32 vote, marking a significant step toward federal regulation of stablecoins. The bill mandates 1:1 asset backing, public reserve disclosures, and prioritizes consumer claims in issuer bankruptcies. It also enforces anti-money laundering compliance and restricts foreign issuers unless they meet U.S. standards. Despite earlier concerns over potential conflicts of interest involving the Trump family's crypto ventures, amendments have addressed key issues, garnering cross-party support. If enacted, the GENIUS Act would establish the first comprehensive U.S. framework for stablecoin oversight, potentially influencing global crypto regulation.