The U.S. Senate officially passes the 'GENIUS Stablecoin Act', the next step is to overcome the final vote in the House

The United States Senate passed the GENIUS Act with a bipartisan vote of 68 in favor and 30 against, establishing the first federal regulatory framework for stablecoins, which will next be sent to the House of Representatives for review. (Background: CEO of American Bank: Developing its own stablecoin, Tether's CEO provocatively replies: It's time for a showdown) (Supplementary Background: South Korea submitted a 'Stablecoin Act,' allowing domestic companies to issue stablecoins with adequate reserve assets) On the morning of the 18th in Taiwan time, the U.S. Senate officially passed the (2025 U.S. Stablecoin National Innovation and Regulation Act) (GENIUS Act) by a vote of 68 to 30, setting the first set of federal rules for the stablecoin market, valued at over $250 billion. The bill has now been sent to the House of Representatives for further review to determine whether this framework can be officially implemented. High Standards for Reserves and Transparency According to the bill, stablecoins must be pegged to the dollar on a one-to-one basis and fully backed by cash and one-year U.S. Treasury bonds; issuers are required to publish reserve details monthly, and projects with a market value exceeding $50 billion must undergo annual audits. Republican Senator Bill Hagerty from Tennessee stated, 'With this bill, America is one step closer to becoming a global leader in the cryptocurrency space.' Amanda Tuminelli, Executive Director of the DeFi Education Fund, called this progress a 'milestone step in establishing appropriate digital asset regulation in the United States.' Compliance Thresholds and Industry Responses The GENIUS Act only allows licensed institutions to issue stablecoins and incorporates anti-money laundering and sanctions screening as core obligations. TRM Labs pointed out that stablecoins account for over 60% of the overall crypto trading volume, and while it is estimated that 99% of the activity is legitimate, the fast settlement characteristics also attract illegal funds. Ji Kim, acting CEO of the Crypto Council for Innovation, believes, 'This is a historic step for the digital asset industry.' Controversial Focus and Subsequent Variables Critics, led by Senator Elizabeth Warren, have questioned why the bill does not address loopholes for foreign tokens like USDT and worry that tech giants could issue their own currencies. Earlier, the House proposed a more comprehensive (Digital Asset Market Transparency Act), and how the two bills will be integrated is a key focus for the industry. After the GENIUS Act broke through the Senate, the United States formed a clear blueprint for stablecoin regulation for the first time. The next steps will depend on the House vote results, coordination with other crypto bills, and the stance of the White House, which will influence the global competitiveness of the dollar stablecoin. Related Reports CEO of American Bank: Developing its own stablecoin, Tether's CEO provocatively replies: It's time for a showdown. Airwallex CEO provocatively states 'Stablecoins are useless': cross-border transaction fees are higher than fiat currencies; comments sparked backlash from the crypto community. 'The U.S. Senate officially passes the (GENIUS Stablecoin Act), the next step is to overcome the final vote in the House' was first published in BlockTempo (BlockTempo - the most influential blockchain news media).