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U.S. Senate Passes GENIUS Act, Opening a New Chapter for Stablecoin Regulation

On June 17, 2025, the U.S. Senate approved the GENIUS Act by a decisive 68–30 bipartisan vote, marking the first-ever federal stablecoin regulatory framework. The legislation mandates stablecoin issuers maintain dollar-for-dollar reserves—restricted to liquid assets like fiat, bank deposits, and short-term Treasuries—perform monthly reserve audits, comply with anti-money laundering (AML) standards, and abstain from offering yield products. It also bans nonfinancial and foreign entities from issuing stablecoins and includes guardrails barring most federal officials from profiting off these tokens, though notably exempting the President and the First Family.

For the blockchain ecosystem, this law delivers long-sought regulatory clarity. Stablecoins—used to settle over $28 trillion in transactions last year—now gain credibility and legitimacy, with institutions like Circle celebrating the breakthrough and Deutsche Bank projecting mainstream adoption by 2025. Major companies including Amazon, Walmart, Apple, Google, Meta, and Airbnb have reportedly begun exploring stablecoin usage for payments and settlements. This could boost dollar‑pegged token integration in Web3, decentralized finance (DeFi), and cross-border commerce. However, critics such as Sen. Elizabeth Warren highlighted gaps in anti-corruption measures and consumer safeguards.

The GENIUS Act now moves to the House for reconciliation with the STABLE Act; passage before the August recess would position President Trump to sign it into law. If enacted, this landmark framework will likely reshape stablecoin issuance, usher a new era of crypto‑fueled payment systems, and redefine the United States’ role in the global digital asset landscape