#GENIUSActPass

The Senate approves the GENIUS Act, paving the way for the expansion of stablecoins worth $239 billion

The U.S. Senate passed the National Innovation for U.S. Stablecoins Act (GENIUS) in a 68-30 vote, marking the first time lawmakers have approved legislation focused on digital assets - a move welcomed by industry leaders.

The bill aims to integrate stablecoins into the broader financial system more securely and responds to long-standing calls from the cryptocurrency industry and financial institutions for consistent regulations.

Anil Oncu, CEO of BitPay, described the vote as a turning point. He said, "The bill provides the clarity that businesses have long awaited and allows for the swift integration of stablecoins and cost benefits to be safely offered by banks, payment service providers, and card networks."

Oncu points out that the supply of stablecoins has grown from less than $10 billion to $239 billion in just five years, demonstrating the need for assurances and regulatory consistency.