GENIUS Act Clears Senate, Setting Stage for First U.S. Crypto Law

The U.S. Senate has passed the GENIUS Act, a landmark bill aimed at regulating stablecoins and establishing a framework for broader cryptocurrency oversight. With bipartisan support, the legislation now moves to the House of Representatives, bringing it one step closer to becoming law. The bill mandates 1:1 backing of stablecoins with cash or short-term Treasuries, a move expected to bolster market credibility and align with projections of a $3.7 trillion stablecoin market by 2030.

Treasury Secretary Scott Bessent highlighted the bill's potential to reinforce dollar dominance in the digital age, while Senators Bill Hagerty and Cynthia Lummis praised its role in maintaining U.S. leadership in crypto innovation. The GENIUS Act could soon become the first comprehensive crypto law in U.S. history, reshaping stablecoin regulation and anchoring the next phase of digital finance under American oversight.