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It was passed—and it’s just the beginning. The Senate approved the bipartisan GENIUS Act on June 17, creating the first-ever U.S. federal framework to regulate stablecoins—a market valued at ~$240 billion.

By a vote of 68–30, the Senate approved S. 394, championed by Sen. Hagerty with backing from Sens. Gillibrand and Scott, mandating full dollar/Treasury reserves, regular audits, and stringent AML oversight for stablecoin issuers.

This legislation brings long-overdue clarity, enabling U.S. firms like Circle and traditional giants—Visa, Mastercard, JPMorgan—to deploy stablecoins nationally. It clamps down on overseas competitors like Tether. Critics express concern over exemptions for presidential family ventures and potential regulatory loopholes.

Circle (USDC) and Tether (USDT) collectively hold over $200 billion in market cap. Industry and institutional players signal strong interest: Amazon, Walmart, Bank of America, JPMorgan. Analysts see this as a major catalyst for broader crypto integration.

The bill heads to the House alongside the STABLE and CLARITY Acts. If fast-tracked and signed by President Trump before August, this could mark a new era for U.S.-based crypto regulation and financial innovation.

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