#GENIUSActPass
# **Senate Passes Landmark GENIUS Act to Regulate Stablecoins**
In a historic bipartisan move, the U.S. Senate passed the **Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act** on **June 17, 2025**, by a **68-30 vote**. The legislation, championed by **Senator Tim Scott (R-S.C.)** and sponsored by **Senator Bill Hagerty (R-Tenn.)**, establishes the first federal regulatory framework for **stablecoins**—cryptocurrencies pegged to assets like the U.S. dollar.
The **GENIUS Act** aims to provide **consumer protections, financial stability, and regulatory clarity** for the $250 billion stablecoin market. Key provisions include:
- **Reserve requirements** ensuring stablecoins are fully backed by U.S. Treasuries.
- **Anti-money laundering (AML) safeguards** to prevent illicit use.
- **Restrictions on nonbank issuers**, including big tech firms, to protect traditional banking.
Despite bipartisan support, **Democrats like Elizabeth Warren (D-Mass.)** criticized loopholes allowing **President Trump’s crypto ventures** to continue. The bill now heads to the **House**, where lawmakers may reconcile it with the competing **STABLE Act**.
If enacted, the **GENIUS Act** could position the U.S. as a **global leader in crypto innovation** while mitigating risks to the financial system.