#GENIUSActPass Is a significant development in U.S. crypto regulation. The Senate recently passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by a 68-30 vote. This landmark legislation aims to create a comprehensive federal regulatory framework for payment stablecoins, addressing a sector previously operating in a "gray area."

Key provisions include requiring stablecoins to be 100% backed by U.S. dollars or liquid assets, establishing robust reserve requirements, and mandating regular audits for issuers. The bill also prioritizes stablecoin holders in bankruptcy proceedings and prohibits interest payments on stablecoins. Attention now shifts to the House of Representatives, which will consider its own version or the Senate's bill, with the goal of finalizing legislation by August.