Overview

• The Senate is expected to approve the GENIUS Act after a 68-30 procedural vote and backing from 18 Democratic senators alongside Republicans.
• Federally approved issuers would be required to back stablecoins one-to-one with cash or short-term Treasuries and comply with anti-money laundering and sanctions rules.
• A provision bars members of Congress and their families from profiting from stablecoins but does not cover President Trump or his family, prompting conflict-of-interest objections.
• Treasury Secretary Scott Bessent says the legislation could help expand the U.S. stablecoin market beyond $2 trillion by 2028 and boost demand for Treasuries.
• Major companies including Amazon and Walmart are exploring issuing their own stablecoins under the new regulatory framework.