On June 17, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This marks a significant step in cryptocurrency legislation, with a vote of 68-30. The bill establishes a federal regulatory framework for stablecoins. (Source: Reuters, AP News, Axios)
The GENIUS Act requires stablecoin issuers to back their digital assets with liquid assets and mandates monthly disclosure of reserve composition. The aim is to provide regulatory clarity to the crypto industry. The legislation now moves to the House of Representatives for potential revisions. (Source: Reuters, AP News, Axios)
Despite bipartisan support, some Democrats raised concerns about potential conflicts of interest involving President Donald Trump. Trump and his family have financial investments in the crypto industry. President Trump has urged that the legislation reach his desk before Congress's August recess. (Source: Reuters, AP News, Axios)