The post Senate Passes Stablecoin Bill in Big Win for Crypto Industry appeared on BitcoinEthereumNews.com.

The Genius Act establishes the first federal framework for stablecoins, including licensing, reserves, auditing, and AML compliance. The bill passed in the Senate with bipartisan support is on its way to the House and likely will be signed into law by President Trump. The crypto community welcomes the bill as a milestone, but fears regarding regulatory overreach and privacy still linger. In a historic milestone for the crypto market, the U.S. Senate approved the Genius Act, a much-anticipated stablecoin bill that brings federal regulation and regulatory certainty to one of the most important parts of the digital asset ecosystem. The bill, which has gained bipartisan support, now heads to the House of Representatives and is expected to land on President Donald Trump’s desk in the coming days. Passed by a 65–33 vote, the Genius Act marks the first major piece of crypto-specific federal legislation and has been hailed by industry leaders as a foundational step toward broader digital asset regulation in the United States. The Genius Act short for Guiding and Ensuring National Innovation and Uniform Stability Act creates a federal framework for the issuance and regulation of stablecoins, digital tokens that are typically pegged to fiat currencies like the U.S. dollar. Under the bill: Only federally approved or state-licensed entities will be allowed to issue stablecoins. Issuers must maintain 1:1 reserve backing, conduct regular audits, and adhere to anti-money laundering (AML) rules. The Federal Reserve and Office of the Comptroller of the Currency (OCC) will play key roles in supervision. The legislation also includes consumer protection measures and gives regulators authority to intervene in cases of non-compliance or financial instability. Political and Industry Impact The crypto sector has long yearned for regulatory clarity, particularly as regulators in the U.S. have battled over the treatment of different sorts of digital…

---

Filed under: News - @ June 18, 2025 1:18 pm