The U.S. Senate has not yet passed the GENIUS stablecoin bill, but it recently cleared a major hurdle. In a 66-32 procedural vote, the Senate advanced the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act, setting the stage for a final vote that could take place later this week.
The bill proposes a regulatory framework for dollar-backed stablecoins like $USDC, focusing on reserve standards, anti-money laundering measures, and consumer protection. While it's a major milestone for crypto legislation, the bill still requires a simple majority in the full Senate and must be aligned with a similar House version before it can become law.