The U.S. Senate permitted the Guiding and Establishing Nationwide Innovation for U.S. Stablecoins (GENIUS) Act on Tuesday in a bipartisan 68–30 vote, delivering the chamber’s first main cryptocurrency laws and advancing a long-sought federal rulebook for dollar-linked digital tokens.
The invoice establishes a licensing regime for issuers of “fee stablecoins” and mandates that the tokens be backed one-to-one by money or short-term U.S. Treasuries held in segregated accounts. Issuers with greater than $50 billion in excellent cash would face annual audits and should adjust to anti-money-laundering and sanctions screening necessities.
Supporters, together with sponsors Senators Invoice Hagerty, Tim Scott and Cynthia Lummis, say the measure will modernize the U.S. funds system and reinforce greenback dominance. Treasury Secretary Scott Bessent has argued {that a} strong stablecoin market—he initiatives it may develop to $3.7 trillion by 2030—would enhance demand for Treasuries and cut back federal borrowing prices. Opponents equivalent to Senator Elizabeth Warren warn the framework may echo previous monetary crises if oversight proves inadequate.
The laws now strikes to the Home of Representatives, the place inner Republican disagreements over process may form its destiny. If adopted with out modifications, the invoice would head to President Donald Trump, who is predicted to signal it, cementing federal oversight of stablecoins and probably clearing the best way for broader crypto-market laws.
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