#GENIUSActPass The GENIUS Act was adopted yesterday by the U.S. Senate by a vote of 68 to 30. The bill now moves to the House, where it is competing with the STABLE Act. This means that the House will have to choose between adopting the GENIUS Act as is or adopting and reconciling the STABLE Act.

For financial services, the GENIUS Act is a major event. Indeed, it is not only the first legislation on stablecoins to receive genuine bipartisan support, but it will also serve as a foundation for the United States to begin a digital asset ecosystem. Overall, the bill has four major implications for banks.