The GENIUS Act, passed by the U.S. Senate on June 17, 2025, with a 68-30 vote, establishes the first federal framework for regulating stablecoins, cryptocurrencies pegged to assets like the U.S. dollar. Officially named the Guiding and Establishing National Innovation for U.S. Stablecoins Act, it mandates issuers to hold full reserve assets, conduct monthly audits, and comply with anti-money laundering and anti-terrorism rules. It prioritizes coin holder repayments in bankruptcy, aiming to protect consumers and boost trust. Supporters, including 18 Democrats, argue it fosters innovation and cements U.S. dollar dominance, potentially growing the $238 billion stablecoin market. Critics, like Sen. Elizabeth Warren, warn of weak safeguards, potential corruption tied to President Trump’s crypto ventures, and risks of financial instability. The bill now heads to the House, where it may face revisions.#GENIUSActPass