The GENIUS Act has indeed passed the Senate with a bipartisan vote of 68-30, marking a significant milestone in stablecoin regulation ¹ ². This bill aims to establish the first comprehensive federal framework for regulating stablecoins in the United States.

The GENIUS Act requires stablecoins to be fully backed by US dollars or equivalent liquid assets, with annual audits mandatory for issuers exceeding $50 billion in market capitalization ². The bill also imposes stricter rules on stablecoins issued abroad and prohibits interest-yielding stablecoins that might compete with traditional deposits ³.