Senate Passes GENIUS Act Creating First Federal Rules for Stablecoins

The U.S. Senate passed the GENIUS Act on Tuesday, a landmark bill establishing federal rules for stablecoins, cryptocurrencies pegged to the U.S. dollar. According to Reuters, the bill passed 68 to 30 with bipartisan support and now moves to the House, where Republicans hold a majority. If signed into law, it would require stablecoin issuers to back tokens with liquid assets and disclose reserves monthly. The legislation marks the first federal framework for stablecoins, a priority for Trump, whose administration has pushed crypto reforms while downplaying concerns about his ventures. Critics warn the bill lacks safeguards against money laundering and tech-backed currencies.