The GENIUS Act (the American Stablecoin Innovation and Protection Act of 2025) issued by the U.S. Senate is a notable bipartisan effort to regulate stablecoins. This bill was introduced by Senators Bill Hagerty (Republican - Tennessee) and Kirsten Gillibrand (Democrat - New York), which states that "only issuers of stablecoins authorized to pay" are allowed to issue stablecoins, and requires them to maintain reserves at a 1:1 ratio with the U.S. dollar or high-quality liquid assets. The law also prohibits re-pledging the reserves and imposes monthly reserve certificates. The bill allows state-regulated issuers with assets under $10 billion to operate under a substantially similar framework. Federal agencies, such as the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, will have enforcement authority over the issuers. Nevertheless, the bill faced opposition from Senate Democrats, who expressed concerns about the inadequacies of anti-money laundering provisions and the potential for conflicts of interest regarding President Trump's family's cryptocurrency ventures. Despite these challenges, the Senate passed the bill, which is now on its way to the full House for consideration.