Senate Passes GENIUS Act Stablecoin Bill

The U.S. Senate has passed the GENIUS Act, a bipartisan bill creating the first federal regulatory framework for stablecoins—digital assets pegged to the U.S. dollar—by a 68-30 vote. The legislation requires stablecoin issuers to hold liquid asset reserves, provide monthly disclosures, and limits issuance to banks and approved entities, while imposing a two-year ban on algorithmic stablecoins. Supporters, including Senators Cynthia Lummis and Bill Hagerty, say the bill will foster innovation and cement U.S. dollar dominance, but critics such as Senator Elizabeth Warren raise concerns over consumer protections, anti-corruption measures, and President Trump's potential financial interests. The bill faces further scrutiny and possible amendments in the House of Representatives. Its passage comes amid a surge in stablecoin trading activity and calls from international regulators like the UK's FCA for a coordinated global approach. The GENIUS Act's final version could significantly shape the future of digital finance in the U.S. and globally.