U.S Senate Passes GENIUS Act as Crypto Battle Moves to the House

The U.S. Senate has approved the GENIUS Act with a 68-30 vote, marking a watershed moment for federal cryptocurrency regulation. The bipartisan legislation establishes a framework for stablecoin oversight, requiring full dollar reserves and periodic audits for major issuers. It now advances to the House, where it will challenge the competing STABLE Act.

Tech giants face stringent restrictions under the new rules. Companies like Meta are barred from issuing stablecoins unless complying with rigorous financial standards. The bill prioritizes consumer protections, granting stablecoin holders bankruptcy precedence and curbing high-risk activities through transparency mandates.

Political tensions surfaced during deliberations, with critics highlighting former President Trump''s cryptocurrency connections. Despite these concerns, supporters successfully framed the legislation as essential for modernizing payment infrastructure and securing U.S. leadership in digital asset markets.