Senate Passes Historic Stablecoin Bill, Marking Major Win For Crypto

The U.S. Senate has passed the GENIUS Act, a landmark bill establishing the first federal standards for stablecoins. The legislation, approved by a 68-30 vote, creates a regulatory framework for private companies to issue digital dollars under government oversight. This represents a significant victory for the crypto sector, which invested heavily in the 2024 election cycle to foster a pro-digital asset Congress.

The GENIUS Act mandates full reserve backing, monthly audits, and anti-money laundering compliance for stablecoin issuers. It also expands opportunities for banks, fintech firms, and major retailers to enter the stablecoin market. While the bill faces challenges in the House, where an alternative proposal (STABLE Act) is under consideration, its Senate passage signals growing political acceptance of cryptocurrency innovation.