#GENIUSActPass The U.S. Senate approved the GENIUS Act on June 17 (68–30), establishing for the first time a federal framework for dollar-pegged stablecoins. The bill requires 1:1 backing with liquid assets (dollars or Treasury bonds) and monthly disclosure of reserves. Additionally, it strengthens AML standards and grants priority of claims in the event of bankruptcy. Although it faced criticism—for allowing former President Trump and his family to be exempt from restrictions and concerns from figures like Elizabeth Warren about money laundering and Big Tech dominance—it garnered broad bipartisan support. It now moves to the House before reaching the presidential desk.

#GENIUSActPass