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The U.S. Senate has officially passed the GENIUS Act by a 68-30 vote marking a historic step for crypto regulation. This bill sets the first nationwide framework for fiat-backed stablecoins aiming to legitimize and secure the digital dollar landscape. Spearheaded by Senator Bill Hagerty and supported by a bipartisan group the legislation demands full dollar backing monthly audits and strict licensing for issuers.
This move protects consumers while giving clear boundaries to stablecoin issuers and excluding compliant tokens from SEC regulation. It also bans algorithmic stablecoins and limits risky financial practices like reserve mixing. Though focused on stablecoins the act is seen as a major win for Bitcoin advocates as it strengthens the digital infrastructure that supports the entire crypto ecosystem.
Supporters say the GENIUS Act could help the U.S. lead in financial innovation online by combining strong oversight with open access. With this law America signals its intent to embrace stablecoins and prepare for a Bitcoin-integrated financial future.
