#GENIUSActPass

The U.S. Senate has passed 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 assets sector. The law requires stablecoin issuers to maintain 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 compared to 30 against, reflecting a rare consensus on a highly sensitive issue. However, the law has sparked internal controversy due to what some Democrats see as loopholes related to conflicts of interest, particularly with the exemption of the president and their family from certain restrictions imposed on Congress. Questions have also been raised about the potential enhancement of the influence of major tech companies through this legislation. The law is now headed 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 anticipated to transform the digital currency landscape, as it opens the door for broader adoption of stablecoins while maintaining financial security standards and user trust in the digital financial system.