#GENIUSActPass The United States Senate has taken a significant step toward the regulation of cryptocurrencies by passing the Guide and Establishment of National Innovation for Stablecoins Act (GENIUS). The legislation, which received broad bipartisan support with 68 votes in favor and 30 against, seeks to establish the first comprehensive federal regulatory framework for stablecoins linked to the U.S. dollar.

The GENIUS Act requires stablecoin issuers to maintain a full backing of their tokens with cash or U.S. Treasury bonds at a 1:1 ratio. Additionally, monthly certifications and adherence to strict anti-money laundering (AML) controls will be required, all under the supervision of the Department of the Treasury.

This measure is seen as an effort to protect consumers, promote responsible innovation in the digital asset sector, and reinforce the dominance of the U.S. dollar in the digital age. The law is now headed to the House of Representatives for final consideration, with the expectation that it will be enacted by the President before August.