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3mo ago

Senate Advances GENIUS Act, Paving Way for Stablecoin Regulation

The bipartisan bill cleared a key procedural hurdle with a 66-32 vote, introducing the first U.S. regulatory framework for stablecoins despite ongoing ethics concerns tied to President Trump’s crypto ventures.

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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.