The Senate approves the GENIUS bill on stablecoins, granting the cryptocurrency industry its first major legislative victory

The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting broad authority to the Department of the Treasury and opening the door to banks, fintech companies, and retailers.

Democrats failed to secure a provision that would prohibit the president from profiting, even as Trump revealed he made $57 million in token sales alone in 2024.

Reportedly, industry giants such as Amazon and Walmart are moving toward stablecoin-style offerings as payment networks prepare for disruption.

The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting broad authority to the Department of the Treasury and opening the door to banks, fintech companies, and retailers.

Democrats failed to secure a provision that would prohibit the president from profiting, even as Trump revealed he made $57 million in token sales alone in 2024.

Reportedly, industry giants such as Amazon and Walmart are moving toward stablecoin-style offerings as payment networks prepare for disruption.

The legislation grants broad authority to Treasury Secretary Scott Bessent, who told a Senate appropriations subcommittee in a hearing last week that the U.S. stablecoin market could grow nearly eightfold to over $2 trillion in the coming years.#GENIUSActPass