The GENIUS Act, a first-of-its-kind federal framework for stablecoins, cleared the Senate with bipartisan support, marking a major milestone for cryptocurrency regulation. The bill mandates 1:1 reserve backing, monthly audits, and anti-money laundering compliance while allowing banks, fintech firms, and retailers to issue stablecoins.

President Donald Trump celebrated the move on Truth Social, writing:

The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS! Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a “clean” GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS. This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!

The bill centralizes oversight under the Treasury Department but faces debate in the House, where a competing proposal favors shared regulatory authority. Some critics argue it lacks stronger conflict-of-interest safeguards, while others believe it may help pave the pathway for a central bank digital currency (CBDC).

Proponents, including many firms in the crypto industry, argue the GENIUS Act will bolster the dollar’s global role and modernize finance. U.S. Treasury Secretary Scott Bessent thinks it will fuel the demand for Treasuries. Trump’s endorsement amplifies its political momentum, framing it as a victory for innovation.

If enacted, the law could pave the way for stablecoins to enter mainstream banking—fulfilling Trump’s vision of U.S. dominance in digital assets. The House’s next steps will determine its fate.

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