#GENIUSActPass

The U.S. Senate passed the GENIUS Act on June 17, 2025, a landmark bill for the crypto industry. It creates the first federal regulatory framework for stablecoins, requiring 1:1 backing with cash or U.S. Treasuries, monthly reserve disclosures, and anti-money-laundering measures. Issuers holding over $50 billion in assets must undergo audited reporting and prioritize customer claims in case of bankruptcy. Notably, the act bans members of Congress and executive officials from personally owning stablecoins, though it controversially exempts the president’s immediate family. While celebrated by the crypto community, critics argue it leaves room for conflicts of interest and insider influence.