#GENIUSActPass On June 17, 2025, the U.S. Senate passed the bipartisan GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins—in a decisive 68–30 vote. The law establishes a federal framework for stablecoin issuers, mandating full 1:1 asset backing, monthly reserve disclosures, and audits for large players, with priority protections for holders in case of issuer bankruptcy. Issuers must be chartered financial institutions or non-bank entities regulated at federal or state levels. The bill now moves to the House, where it may be reconciled with the STABLE Act or bundled with broader market structure legislation before heading to the President’s desk. Supporters view it as a major step toward legitimizing stablecoins in U.S. finance, while critics raise concerns over unresolved conflict‑of‑interest issues tied to former President Trump’s crypto connections.