Overview

• The Senate voted 66-32 to advance the GENIUS Act, overcoming earlier Democratic opposition tied to ethics and consumer protection concerns.
• The bill aims to establish the first federal regulatory framework for stablecoins, requiring issuers to meet reserve, transparency, and compliance standards.
• Recent amendments include restrictions on Big Tech issuing stablecoins without user consent for data tracking and bans on senior officials launching stablecoins, though exemptions remain for the President and Vice President.
• Democratic support returned after negotiations addressed issues like anti-money laundering, national security, and consumer protections, though some concerns persist about President Trump’s crypto ventures.
• The GENIUS Act now heads toward a full Senate vote before advancing to the House, with proponents aiming for passage by summer to bolster U.S. financial leadership in digital assets.