On June 17, 2025, the U.S. Senate approved the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins).

This legislation is a significant step towards the regulation of stablecoins in the United States. The bill aims to establish a clear legal framework for this type of cryptocurrency, which is typically pegged to the value of the U.S. dollar.

The Senate approval was with a vote of 68-30, with bipartisan support. The GENIUS Act will now move to the House of Representatives for possible review and voting before it can become law.

Key provisions of the law include requirements for full backing of reserves for stablecoins, public monthly audits, and the establishment of protections for consumers. It also seeks to strengthen the position of the U.S. dollar in the realm of digital finance.🪙