#GENIUSActPass The Senate approves the GENIUS Act: Regulation of Stablecoins in the United States

On June 17, 2025, the United States Senate approved the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" (GENIUS Act), a law that regulates stablecoins. The vote was 68 to 30, with support from 18 Democratic senators despite criticism from some sectors.

Key Points of the GENIUS Act:

- Licensing: Only approved institutions, primarily licensed banks, will be able to issue stablecoins in the United States.

- Asset Backing: A full backing of liquid assets such as cash or short-term bonds is required for each stablecoin issued. Issuers must disclose the composition of their reserves at least once a month.

- Consumer Protection: Holders of stablecoins are given priority in the event of the issuer's bankruptcy. Anti-money laundering and anti-terrorism financing regulations are also included.

- Restrictions on Officials: Members of Congress and senior officials of the Executive Branch are prohibited from issuing stablecoins during their term. However, this prohibition does not extend to the President and their family, which has generated controversy.