The Senate approved the "GENIUS" Act with a majority of 68 votes to 30, representing a significant achievement in the regulation of stablecoins. 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 exceeding a market capitalization of $50 billion. The law also imposes stricter rules on stablecoins issued abroad and prohibits stablecoins with yields that could compete with traditional deposits.

While the bill received support from some legislators and industry leaders, others raised concerns about its potential impact on innovation and consumer protection. For example, Senator Elizabeth Warren expressed concerns about the bill's lack of protections and potential disparities, particularly regarding allies of President Trump and certain cryptocurrency platforms. The bill will now be referred to the House of Representatives, where it will undergo further scrutiny and potential amendments. If passed, the GENIUS Act could have significant implications for the cryptocurrency sector, potentially spurring growth and investment in this area.