#GENIUSActPass The **GENIUS Act** (Guiding and Establishing National Innovation for U.S. Stablecoins Act) has passed the U.S. Senate in a landmark bipartisan vote of **68-30** on June 17, 2025. Here’s a breakdown of key details:

### **Key Highlights of the GENIUS Act**

1. **Regulatory Framework for Stablecoins**

- Establishes the first federal oversight for dollar-pegged stablecoins, requiring **full reserve backing, monthly audits, and anti-money laundering (AML) compliance** .

- Grants the **U.S. Treasury** primary authority over stablecoin issuers, though the House’s competing **STABLE Act** proposes a multi-agency approach .

2. **Bipartisan Support & Opposition**

- Sponsored by Senators **Bill Hagerty (R-TN), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and others**, the bill overcame initial Democratic resistance after negotiations added **consumer protections and national security provisions** .

- **18 Democrats joined most Republicans** in support, while Senators **Elizabeth Warren (D-MA)** and **Jeff Merkley (D-OR)** criticized loopholes allowing President Trump’s crypto ventures to profit .

3. **Industry Impact**

- Opens doors for **banks, fintechs, and retailers** (e.g., Amazon, Walmart) to issue stablecoins, potentially disrupting traditional payment systems .

- **JPMorgan** and **Bank of America** are already exploring stablecoin projects, while **Circle** (USDC issuer) went public amid the bill’s momentum .

4. **Controversies**

- Democrats failed to pass amendments barring **presidents and their families** from profiting off crypto, despite Trump’s disclosed **$57 million earnings in 2024** from his **World Liberty Financial** platform .

- Critics warn of risks like **bank deposit flight** and **illicit finance**, though the bill mandates transparency measures .

5. **Next Steps**

- The bill now moves to the **House**, which must reconcile differences with its **STABLE Act** version before the August recess .

- If enacted, the law could take effect by **summer 2025**, resha