#GENIUSActPass

The so-called Genius Law, a project aimed at regulating stablecoins and establishing foundations for issuers, has managed to overcome initial hurdles and advanced in the U.S. Senate after reaching the threshold of 60 necessary votes.

Genius Act, as it is known in the U.S., faced an initial blockage in the Senate at the beginning of the month and did not surpass the threshold, amid Democratic concerns regarding President Donald Trump's agreements related to the crypto world.

Genius Law is considered a bipartisan effort in the Senate to regulate stablecoins, whose value is generally associated with that of the U.S. dollar, becoming one of the most important digital assets in the world today.

The project, which faced opposition among Democrats in recent weeks, finally managed to advance after a Senate vote of 66 to 22 on Monday.

While supporters of the project point out that it will provide guarantees to buyers of stablecoins, critics argue that the measures are not strong enough and raise concerns about potential conflicts of interest, stemming from the phenomenon of cryptocurrencies associated with President and First Lady Melania Trump, the memecoins $TRUMP and $MELANIA.

The bill aims to regulate the issuance and exchange of stablecoins, creating a framework for companies to be required to maintain a reserve of underlying assets to the cryptocurrency.

This would protect users in cases where mass withdrawals might occur.

Additionally, it grants priority of reimbursement to holders in case of bankruptcy and mandates compliance with anti-money laundering and anti-terrorism financing regulations.