The U.S. Senate has passed the GENIUS Act by a wide majority (68-30), establishing for the first time a clear federal framework for stablecoins, particularly those backed by the dollar 💵 🔒. The law requires issuers to have liquid reserves (dollars or Treasury bonds), conduct monthly audits, and implement strict anti-money laundering (AML/KYC) rules 🧾.
This legislation marks a significant advancement: it protects users, ensures transparency, and prevents conflicts of interest (particularly through the prohibition of politicians launching stablecoins) 🧑⚖️🚫. However, some Democrats, like Elizabeth Warren, are concerned about insufficient AML safeguards and the risk posed by large tech platforms potentially creating their own stablecoin 📡⚠️.
Awaiting passage in the House (controlled by Republicans), the bill could be merged with the CLARITY Act to extend regulation to the entire crypto market, but this could delay final adoption ⏳🏛️.