U.S. Senate Passes GENIUS Act: Landmark Stablecoin Regulation Framework with 68-30 Bipartisan Vote

The U.S. Senate passed the GENIUS Act (S. 394) with a 68-30 bipartisan vote, establishing the first comprehensive federal framework for fiat-backed stablecoins. Co-sponsored by Senators Hagerty, Scott, Gillibrand, and Lummis, the bill mandates 1:1 dollar reserves, monthly disclosures, audits, and clear licensing, while banning algorithmic stablecoins and prohibiting rehypothecation. Crucially, it amends securities laws to exclude compliant stablecoins from SEC jurisdiction. Bitcoin advocates see the bill as a win for on-ramps and institutional access. The legislation is seen as a major step toward the U.S. becoming a crypto capital.