$BTC $ETH $XRP The US Senate passed the GENIUS Act by a vote of 68–30. Senators established requirements for full backing of stablecoins in dollars or liquid assets and an annual audit of issuers with a market capitalization over $50 billion.

This is the first major federal legislation on cryptocurrencies supported by both parties and the Trump administration. Its passage could strengthen the role of the dollar on the international stage and stimulate the development of the digital asset market.

Now the House of Representatives must decide whether to pass its own stablecoin legislation or support the Senate version to complete the reconciliation and send the document to the President for signature.