#GENIUSActPass The GENIUS Act has officially been passed by the United States Senate with a bipartisan vote of 68-30 ¹. This important legislation establishes a legal framework for payment stablecoins, promotes innovation, protects consumers, and national security ².

The bill, sponsored by Senator Bill Hagerty, requires stablecoin issuers to be fully backed by U.S. dollars or similar liquid assets ³. It also includes reserve requirements and anti-money laundering (AML) mandates, as well as mandatory annual audits for issuers with a market capitalization over $50 billion ³.

The passage of the GENIUS Act is seen as a significant step forward for the cryptocurrency industry, with Treasury Secretary Scott Bessent predicting that stablecoins could grow into a $3.7 trillion market by the end of this decade ¹.

Next steps will involve the House of Representatives, where lawmakers will decide whether to pass the GENIUS Act, address differences with their own bill (the STABLE Act), or merge it with regulations on cryptocurrency market structure ³.