The U.S. Senate approved the GENIUS Act, which is considered the first comprehensive regulatory framework for dollar-pegged stablecoins, marking a pivotal moment in the regulation of the digital asset sector. The law mandates stablecoin issuers to hold liquid financial reserves such as cash and treasury bills, along with monthly disclosures of those assets to ensure transparency and stability. The bill received broad bipartisan support, with 68 members in favor and 30 against, reflecting a rare consensus on a highly sensitive issue. However, the law has sparked internal controversy due to what some Democrats consider loopholes regarding conflicts of interest, particularly with the exemption of the president and their family from certain congressional restrictions. Questions have also been raised about the potential enhancement of major tech companies' influence through this legislation. The law is now on its way to the House of Representatives, where it is expected to undergo further discussions and possibly amendments before reaching the president's desk. This regulatory framework is anticipated to transform the digital currency landscape, as it opens the door to wider adoption of stablecoins while maintaining financial security standards and user confidence in the digital financial system.

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