#GENIUSActPass

On June 17, 2025, the U.S. Senate passed the GENIUS Act by a clear majority (68–30), establishing the first comprehensive federal regulatory framework for stablecoins—the cryptocurrencies pegged to the dollar at a 1:1 ratio. The legislation stipulates that issuers of these currencies must maintain liquid financial reserves (such as treasury bonds), comply with anti-money laundering laws, and undergo periodic financial audits, especially if their market capitalization exceeds $50 billion.

It also allows banks to enter the race by issuing new stablecoins and focuses on increasing consumer protection and encouraging institutional innovation. This move has been widely welcomed by the industry; banks like Bank of America and JPMorgan are preparing to experiment, and major traders like Visa, Amazon, and Walmart are getting ready to enter the field.

However, the legislation has sparked political condemnation, particularly due to the exemption of the president and his family from personal benefit restrictions—while members of Congress are prohibited from profiting from these currencies—in a move that raises conflict of interest risks. Figures like Elizabeth Warren and Jeff Merkley have criticized what they see as a potential "gateway to corruption," especially concerning Trump's gains in investments like USD1 associated with his family.