June 17, 2025 – In a landmark 68–30 bipartisan vote, the U.S. Senate approved the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stable coins), marking the first-ever federal stable coin legislation to pass a chamber.
Key Provisions
1:1 reserve backing: All dollar-pegged stablecoins must be fully backed by U.S. dollars or U.S. Treasuries.
Monthly audits & disclosures: Issuers must report their reserves monthly.
Licensing regime: Issuers need federal or state approval to operate within the U.S. .
Foreign compliance: Noncompliant foreign stable coins will be blocked.
Anti‑crime safeguards: Measures to combat money laundering and illicit finance are built in.
The Senate’s approval of the GENIUS Act signals a turning point for crypto in the U.S.—legitimizing stablecoins and positioning the country to shape the future of digital finance. The big question now is how the House and President respond.