#GENIUSActPass by #MkfHashmi

The GENIUS Act, passed by the U.S. Senate on June 17, 2025, with a 68-30 vote, establishes the first federal regulatory framework for stablecoins, cryptocurrencies pegged to the U.S. dollar. It sets rules for issuance, requiring full U.S. dollar reserves, regular audits, and consumer protections. Only qualified issuers, like bank subsidiaries or licensed state entities, can issue stablecoins, with federal oversight for those exceeding $10 billion in circulation. The bill aims to enhance financial stability, promote innovation, and maintain U.S. dollar dominance. It now awaits a House vote, where it may face amendments and competition from the STABLE Act.