#GENIUSActPass

The GENIUS Act, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, has been passed by the U.S. Senate with a vote of 68–30 – a historic victory for the crypto industry. This is the first federal regulatory framework specifically for stablecoins, requiring issuers to hold reserves 1:1 in USD or equivalent liquid assets and to conduct annual independent audits if issuing over $50 billion.

Immediate impact: shares of Circle – the issuer of USDC – rose by ~8%, bringing its market capitalization to over $32 billion, indicating positive signals from the market. Meanwhile, the CEO of Ripple called this the biggest financial law since Dodd-Frank, marking a long-term turning point for the crypto sector.

However, controversy remains: many lawmakers, including Elizabeth Warren, are concerned that the GENIUS Act overlooks the risks of special interests – particularly concerning the Trump family and their stablecoin projects.

What's next? The law will proceed to the House of Representatives for discussion. If passed, Trump is expected to sign it into law before the summer recess (August).