The bill now moves to the House, where passage is likely|Wally Gobetz|CC BY-NC-ND 2.0
The Senate passed the Genius Act, the first US bill to regulate stablecoins, in a 68–30 vote. It now moves to the House, where passage is likely.
The bill establishes federal oversight for stablecoins—cryptocurrencies pegged to currencies like the US dollar—and requires issuers to hold $1 in reserves for every $1 issued.
It also mandates audits and compliance with anti-money laundering rules.
Supporters say the law will protect consumers and prevent the industry from moving overseas.
The crypto industry, including Circle, backed the bill. It is a win for the digital asset sector, which contributed $170 million to last year’s presidential election campaigns.
Critics, like Sen. Elizabeth Warren, argue that it lacks strong safeguards. President Donald Trump has pledged to sign it by August.