Overview

• The Senate passed the GENIUS Act on June 17 by a 68-30 vote with 18 Democrats joining most Republicans in support.
• The bill requires stablecoin issuers to maintain 1:1 liquid reserves, submit to monthly audits and comply with anti-money laundering rules.
• Lawmakers barred members of Congress and senior officials from issuing stablecoins during their service but left the President and his family’s ventures unaffected.
• Crypto firms and financial institutions including Circle and Coinbase praised the legislation while major retailers and banks explore issuing their own stablecoins.
• Next, the GENIUS Act advances to the House where lawmakers will reconcile its framework with their digital asset proposals before it reaches the President’s desk.