GENIUS Act Passes Senate 68-30, Establishing Stablecoin Framework

The Senate voted 68-30 to pass the GENIUS Act, establishing rules targeting stablecoins and creating regulatory frameworks for crypto assets, with support from 18 Democrats including Sens. Cory Booker and Adam Schiff. This landmark legislation provides much-needed regulatory clarity for the cryptocurrency industry. The bill establishes comprehensive guidelines for stablecoin issuers, including reserve requirements and regular audits. The bipartisan support demonstrates growing recognition of cryptocurrency's importance to the U.S. financial system.