The U.S. Senate approved the GENIUS Act, which is considered the first comprehensive regulatory framework for dollar-pegged stablecoins, marking a pivotal moment in the regulation of the digital asset sector. The law requires stablecoin issuers to hold liquid financial reserves such as cash and treasury bonds, along with monthly disclosures of those assets to ensure transparency and stability. The bill received broad bipartisan support, with 68 members in favor and 30 against, reflecting a rare consensus on a highly sensitive issue. Nevertheless, the law sparked internal controversy due to what some Democrats viewed as loopholes regarding conflicts of interest, particularly in light of the exemption of the president and his family from certain restrictions imposed on Congress. Questions were also raised about the potential for increased influence of major tech companies through this legislation. The law is now on its way to the House of Representatives, where it is expected to undergo further discussions and possibly amendments before reaching the president's desk. This regulatory framework is expected to transform the landscape of digital currencies, as it opens the door to wider adoption of stablecoins while maintaining financial security standards and user trust in the digital financial system.80851086576

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