Overview
- The GENIUS Act aims to regulate stablecoins by requiring issuers to back tokens 1:1 with liquid reserves and comply with federal oversight standards.
- Sixteen Democrats joined Republicans to advance the legislation after amendments addressed anti-money laundering, consumer protection, and Big Tech restrictions.
- Critics, including Sen. Elizabeth Warren, argue the bill fails to address conflicts of interest stemming from President Trump’s crypto dealings, including his family’s stablecoin ventures.
- Supporters claim the bill will protect consumers, safeguard national security, and solidify U.S. leadership in digital payments and blockchain innovation.
- The legislation now moves to full Senate debate, with further votes and potential amendments expected before reconciliation with the House’s parallel bill.