#GENIUSActPass The "GENIUS Act," formally known as the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," recently passed the U.S. Senate with a bipartisan 68-30 vote. This landmark legislation aims to create a comprehensive federal regulatory framework for stablecoins, a type of cryptocurrency pegged to traditional assets like the U.S. dollar.

The bill seeks to legitimize the growing stablecoin market by establishing clear rules, including reserve requirements, consumer protections, and anti-money laundering (AML) procedures. Proponents believe it will foster innovation, strengthen the dollar's global standing, and enable faster, cheaper payments. However, the bill faces further hurdles in the House, where a different version, the "STABLE Act," exists. Reconciliation between the two chambers is necessary for the GENIUS Act to become law, with ongoing debates surrounding federal oversight and potential conflicts of interest.