#GENIUSActPass

🏛️ Senate Passage (June 17, 2025)

The U.S. Senate passed the GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins—by a 68–30 bipartisan vote .

Senate Banking Committee Chair Tim Scott (R‑SC), co‑sponsor of the bill, called it a “historic win” as the first federal stablecoin regulation .

Tennessee Senator Bill Hagerty, sponsor of the act, emphasized that the bill puts the U.S. “one step closer to becoming the global leader in crypto” .

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⚖️ Key Provisions & Controversies

Aims to create the first comprehensive federal framework for stablecoins, with oversight of backing, audits, and AML requirements .

Mandates stablecoins be backed by safe, liquid assets (e.g., U.S. Treasuries) and permits banks to issue them .

Bans lawmakers and their families from profiting off stablecoins—but notably excludes the President and their family, leading to criticism .

Sparked partisan concerns over President Trump’s crypto ties, especially the USD1 stablecoin and meme-coin ventures .

Although most Democrats supported, several opposed due to insufficient anti‑corruption measures and conflict‑of‑interest loopholes .