#GENIUSActPass The GENIUS Act, which aims to regulate stablecoins in the US, has passed the Senate with a 68-30 vote. This bill, introduced by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, establishes a federal regulatory framework for fiat-backed stablecoins. Key provisions include ¹ ²:

- *Requirements for Stablecoin Issuers:*

- 1:1 dollar-backed reserves

- Monthly disclosures and audits

- Clear federal or state licensing

- Prohibition on algorithmic coins

- *Regulatory Oversight:*

- Treasury Secretary authority over the framework

- Potential split oversight among Federal Reserve, Comptroller of the Currency, and other agencies in the House version (STABLE Act)

The GENIUS Act's passage is seen as a significant step towards creating a regulated space for stablecoins, potentially paving the way for increased adoption and growth in the digital asset market. The bill's supporters argue it will ¹ ³:

- *Protect Consumers:* By establishing clear rules and guardrails for stablecoin issuers

- *Enable Innovation:* By providing a regulatory framework for private entities to issue digital dollars

- *Safeguard the Dominance of the US Dollar:* By promoting the use of dollar-backed stablecoins

However, some critics argue that the bill may facilitate Trump's crypto corruption and legitimize what amounts to a massive scam. The bill's future remains uncertain as it moves to the House of Representatives for consideration ³.