The U.S. Senate approved the "GENIUS" Act with a majority of 68 votes to 30, representing a significant achievement in the regulation of stablecoins¹². This law aims to establish the first comprehensive federal framework for regulating stablecoins in the United States.

The "GENIUS" Act requires that stablecoins be fully backed by U.S. dollars or equivalent liquid assets, with mandatory annual audits for issuers with a market capitalization exceeding $50 billion². The law also imposes stricter rules on stablecoins issued abroad and prohibits stablecoins with yields that may compete with traditional deposits³.

While the bill has garnered support from some lawmakers and industry leaders, others have expressed concerns about its potential impact on innovation and consumer protection³. For example, Senator Elizabeth Warren has voiced concerns about the lack of protections in the bill and potential inequalities, particularly regarding allies of President Trump and certain cryptocurrency platforms². The bill will now be referred to the House of Representatives, where it will undergo further scrutiny and potential amendments¹. If enacted, the GENIUS Act could have significant implications for the cryptocurrency sector, potentially spurring growth and investment in this area¹.