Senate Advances GENIUS Act for Stablecoin Regulation
The U.S. Senate took a important step forward by voting 68-30 to advance the GENIUS Act. This bill aims to create the first national regulatory framework for stablecoins in the U.S. The final vote is set for next monday.
The GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, has gained momentum. It mandates that stablecoin issuers keep 100% reserves and undergo yearly audits if their market cap exceeds $50 billion. It also sets guidelines for foreign issuers. If enacted, it will bring clarity to the stablecoin sector.
Senate Majority Leader John Thune supports the bill, echoing President TrumpS views on digital assets. He believes it will integrate crypto into the mainstream. However, not everyone agrees. Senator Elizabeth Warren opposes it,citing concerns about Trump’s crypto ties. She fears it may legitimize corrupt practices.
Yuval Rooz, CEO of Digital Asset, sees this as a major turning point for crypto regulation.
Yuval Rooz, CEO of Digital Asset, views the GENIUS Act as a “pivotal shift.” It moves from enforcement-based regulation to clear guidelines. This will help banks engage with stablecoins confidently, ensuring full reserves and regular audits.
However, Senator Elizabeth Warren criticizes the bill. She believes it may legitimize corruption linked to Trump’s crypto dealings. Warren warns of political risks and the lack of bipartisan amendments.
As the Senate gears up for the final vote, the GENIUS Act could reshape U.S. crypto policy. It may influence how stablecoins are used in traditional and decentralized finance.
