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The U.S. Senate voted 68-30 on Wednesday to invoke cloture on the GENIUS Act, a major stablecoin bill, paving the way for a final floor vote scheduled for next Monday.<\/p>\n
If passed, the bill could set the first national regulatory framework for stablecoins in the United States.<\/p>\n
The GENIUS Act\u2014short for the Guiding and Establishing National Innovation for US Stablecoins<\/em>\u2014requires stablecoin issuers to maintain 100% reserves, submit to annual audits if they hold over $50 billion in market cap, and adhere to rules for foreign issuers.<\/p>\n It could serve as a benchmark for stablecoin regulation in the U.S. financial system.<\/p>\n Senate Majority Leader John Thune spoke in favor of the bill, aligning with President Donald Trump\u2019s stance on digital assets. \u201cWe want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,\u201d Thune said<\/a>.<\/p>\n However, not all lawmakers were on board. Senator Elizabeth Warren criticized the bill for failing to address bipartisan amendments and warned of the political risks linked to Trump\u2019s crypto dealings.<\/p>\n \u201cBy passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,\u201d she said, referencing Trump\u2019s ties to a crypto platform backed by his family.<\/p>\n <\/p>\n Industry leaders say the bill could unlock new institutional participation. Yuval Rooz, CEO of blockchain firm Digital Asset, called it a \u201cpivotal shift\u201d in crypto regulation.<\/p>\n \u201cThe passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity,\u201d Rooz said in a note obtained by crypto.news. \u201cIt provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections.\u201d<\/p>\n<\/blockquote>\n Rooz emphasized that \u201cregulation alone isn\u2019t enough,\u201d highlighting the importance of privacy and control. \u201cThese aren\u2019t optional features; they are foundational to institutional trust,\u201d he added.<\/p>\nCrypto\u2019s \u2018pivotal shift\u2019\u00a0<\/h2>\n
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