Overview

• President Trump signed the GENIUS Act on July 18 at the White House, creating the first federal framework for issuing and trading stablecoins.
• Congress approved the bill with bipartisan votes of 68–30 in the Senate and 308–122 in the House during a tense “crypto week” on Capitol Hill.
• The law mandates that stablecoins be fully backed by liquid assets such as U.S. dollars and Treasury bills, with monthly public disclosures of reserve composition and annual audits.
• Federal agencies now face a six-month deadline to issue implementing regulations, while banks, fintechs and merchants prepare to integrate stablecoins into payment and settlement systems.
• Critics including Sen. Elizabeth Warren warn the Act contains loopholes and lacks strong conflict-of-interest safeguards, potentially benefiting Trump family crypto ventures.