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The U.S. Senate overwhelmingly passed the GENIUS Act, a bipartisan bill regulating stablecoins, with a 68-30 vote. The bill, which now moves to the House, aims to establish guardrails for stablecoin issuers, mandating reserve requirements, transparency, and anti-money laundering compliance. While some Democrats voiced concerns about loopholes and potential conflicts of interest, supporters argue the bill is a crucial step towards responsible crypto regulation and U.S. leadership in the global crypto market. The bill's success is linked to the House's Digital Asset Market Clarity Act, which aims to regulate broader crypto markets.

Prepared by Christopher Adams and reviewed by editorial team.