Overview

• The GENIUS Act mandates 1:1 liquid reserves for stablecoins, monthly public reserve disclosures and annual audited financial statements for issuers over $50 billion in market value.
• Congress approved the bill with bipartisan support, passing the Senate 68-30 in June and the House 308-122 on July 15 before it was signed into law on July 18.
• President Trump hailed the Act as fulfilling his pledge to make the U.S. the “crypto capital of the world” and said it could revolutionize financial technology.
• The law clears the way for banks, traditional finance firms and major retailers to roll out stablecoin projects under a federal framework.
• Critics including Sen. Elizabeth Warren and Rep. Maxine Waters warn that loopholes could enable undue influence and benefit Trump-linked crypto ventures.