#GENIUSActPass Milestone for Crypto in the U.S. Senate!
The U.S. Senate has just passed the GENIUS Act—a historic and bipartisan regulation on stablecoins with a vote of 68-30! This brings cryptocurrencies one step closer to significant federal oversight, backed reserves, and safeguards for consumers. It now goes to the House.
Why it matters for Binance and cryptocurrency enthusiasts
🔐 Stronger dollar-backed stablecoins: Requires full reserve backing and monthly audits to reduce risk exposure—good news for USDT, USDC, and other pegged assets
🏦 Bank-issued stablecoins: Opens the door for regulated institutions to issue their own digital dollars, signaling strong integration with traditional finance
🤝 Rare bipartisan push: With 18 Democrats joining the majority of Republicans, this rare cross-party support reflects a growing political consensus
⚠️ Oversight of ethics and security: Critics like Senator Warren are pointing out conflicts related to Trump and calling for stricter AML measures, transparency, and oversight
Next step: The bill moves to the House, with potential amendments like the STABLE Act or the CLARITY framework—stay tuned for updates before it reaches the President's desk.
