US Senate clears GENIUS Act: What the Draft Stablecoin Regulation Means for the Global Crypto

Hacker group Gonjeshke Darande, Persian for 'Predatory Sparrow', with potential links to Israel, wiped off $90 million from Iran's largest crypto exchange Nobitex, Reuters reported, citing a Telegram post by the group.

The US Senate passed the GENIUS Act Bill on Wednesday with a vote of 68-30 in a major boost for stablecoins — reserve-backed cryptocurrencies that have received an impetus from the Donald Trump administration in America. The next stage for the GENIUS Act will be passage in the US House of Representatives, where members have readied their own version of a stablecoin regulation bill, the STABLE Act.

Challenges notwithstanding, the GENIUS Act’s passage in the US Senate led to a surge in the price of crypto exchange operator Circle. According to exchange data, Circle Internet Group’s share price was up 33.82 per cent at market closing on Wednesday. In pre-market activity, Circle’s share price was up another 24.75 per cent to $211.87 apiece at 1:35 pm IST on Friday. US markets were closed on Thursday for the Juneteenth 2025 National Independence Day.