Overview

• The Senate voted 66-32 to advance the GENIUS Act, a bill to establish the first U.S. regulatory framework for stablecoins, after weeks of bipartisan negotiations.
• Amendments added stricter consumer safeguards, anti-money laundering provisions, and limits on Big Tech's ability to issue stablecoins, though concerns remain over enforcement gaps.
• The bill prohibits senior executive officials from launching stablecoins but exempts the president and vice president, leaving unresolved concerns about President Trump's crypto ventures.
• Sixteen Senate Democrats joined Republicans to move the bill forward, reversing earlier opposition tied to ethics and conflict-of-interest objections.
• The GENIUS Act must now pass a final Senate vote, gain House approval, and be signed by President Trump to become law, with further debates and amendments expected in the coming days.