Senate Passes GENIUS Act, Moves Stablecoin Bill to House ✍️
The U.S. Senate passed the GENIUS Act (68–30), creating the first federal framework for dollar-backed stablecoins. The bill mandates one-to-one reserves, audits, AML compliance, and bans yield-bearing stablecoins. A controversial exemption lets the President profit from crypto. Backed by Treasury and Coinbase, it now heads to the House, where it may merge with broader crypto reforms.