The GENIUS bill in the United States has been approved in the Senate, marking a historic step towards stablecoin legislation

According to AP, the US Senate has passed the stablecoin regulation bill GENIUS Act with 68 votes in favor and 30 votes against, and the bill will be sent to the House of Representatives for review. The bill establishes a federal regulatory framework for stablecoins, requiring one-to-one reserves, consumer protection, and anti money laundering mechanisms, but does not restrict the President and his family from profiting from stablecoin issuances, sparking criticism from Democrats about potential conflicts of interest for the Trump family. The World Liberty Financial project held by the Trump family earned over $57 million last year through token sales.