#GENIUSActPass
The U.S. Senate approved the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on Wednesday with a vote of 68 to 30, marking a regulatory milestone for dollar-pegged stablecoins. Promoted by Senator Bill Hagerty and supported by leaders such as Tim Scott and Kirsten Gillibrand, the law creates a federal framework for issuing stablecoins, imposing reserves, anti-money laundering measures, and greater transparency. It also includes requirements regarding banking and disclosure of holdings over $5,000 by public officials. The approval succeeded without amendments related to credit card fees or exchange credits, considered “spanners in the works” by banks and credit unions. It now moves to the House of Representatives.