The Senate just voted to pass the GENIUS Act, ensuring this bill will become law. It will have massive implications for US crypto regulation, creating a new framework for stablecoins.
Several Democrats voiced their opposition to the Act, but it passed with strong bipartisan support.
GENIUS Act To Take Effect
Stablecoin regulation is a hot topic in the crypto industry right now, and the GENIUS Act represents a major breakthrough for innovation.
After months of debate and failed votes, a series of new amendments and bipartisan support have pushed it over the finish line. Now, all it’ll need is President Trump’s signature to take effect.
Several major institutions have already anticipated this move and are preparing accordingly. Both JPMorgan and the Bank of America have announced plans to launch their own stablecoin soon.