#GENIUSActPass The US Senate approved the National Innovation Guidance and Establishment Act for US Stablecoins (GENIUS) with a bipartisan vote of 68–30, marking a significant step towards establishing a federal regulatory framework for stablecoins. The legislation requires that stablecoins be backed one-to-one by liquid assets, such as US dollars or short-term Treasury securities, mandates that issuers comply with anti-money laundering regulations, and subjects large issuers to financial audits.