#GENIUSActPass The US Senate approved the landmark GENIUS Act (Leadership and Establishment of National Innovation for US Stablecoins) on June 17, 2025, in a bipartisan vote of 68-30. This first significant crypto legislation to pass the Senate creates a regulatory framework for dollar-pegged stablecoins.

Key provisions include: dual federal/state licensing for issuers; 1:1 reserve backing with cash or government bonds; regular audits and public disclosure of reserves; redemption rights for consumers and protections in the event of insolvency; classification of issuers as financial institutions for AML/sanctions compliance; restrictions for non-financial public companies issuing payment stablecoins; and disclosure requirements for large holdings of stablecoins by senior officials.

The approval provides crucial regulatory clarity, although the law still needs to be reconciled with the STABLE Act in the House of Representatives before it becomes law.