The GENIUS Act, recently reintroduced in the U.S. Senate agenda, represents a significant advance in the regulation of stablecoins, especially those linked to the U.S. dollar. After a very close initial vote (49-48), the project has been modified to incorporate stricter measures for preventing money laundering, national security, consumer protection, and financial stability, which has allowed it to gain the necessary support for formal discussion.
One of the most relevant technical innovations is the requirement for a 1:1 backing for issued stablecoins, ensuring that each digital unit is covered by one dollar in real reserves. Additionally, dual oversight at the federal and state levels is established, along with periodic audits and clear penalties for issuers, which improves transparency and reduces systemic risks.
However, the project faces criticism, especially from Democratic sectors, for not including specific measures against potential conflicts of interest related to cryptocurrency investments by political figures, such as the Trump family. This point reflects the political complexity surrounding crypto regulation in the U.S.