#GENIUSActPass The GENIUS Act has officially passed the US Senate with a bipartisan vote of 68-30 ¹. This landmark legislation establishes a regulatory framework for payment stablecoins, promoting innovation, consumer protection, and national security ².

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

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

Next steps will involve the House of Representatives, where lawmakers will determine whether to take up the GENIUS Act, work out differences with its own bill (the STABLE Act), or package it with crypto market structure legislation ³.