U.S. Senate Passes Stablecoin Regulatory Framework with Bipartisan Support
The GENIUS Act has passed the Senate 72-28, establishing the first comprehensive federal framework for stablecoin issuers in the United States.
The U.S. Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a bipartisan vote of 72-28, sending the bill to President Trump's desk for signature. The legislation establishes a federal licensing framework for stablecoin issuers with assets exceeding $10 billion.
Key provisions include 1:1 reserve requirements backed by U.S. Treasuries or cash equivalents, monthly attestation reports, and consumer protection standards. State-regulated issuers under the $10 billion threshold can continue operating under existing frameworks.
Circle CEO Jeremy Allaire called the bill "a watershed moment for the digital dollar," noting that regulatory clarity should accelerate USDC adoption among banks and fintechs. Tether, which has faced years of scrutiny over its reserves, indicated it would seek a federal license to serve U.S. customers directly.
The bill's passage follows months of negotiation and represents a rare area of bipartisan agreement on crypto policy. Industry lobbyists credit the growing recognition of stablecoins' role in maintaining dollar dominance globally.
