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The U.S. GENIUS Act has been approved by the Senate, marking a historic step in stablecoin legislation.
PANews, June 18 - According to AP reports, the U.S. Senate passed the stablecoin regulation bill GENIUS Act with 68 votes in favor and 30 against, and the bill will be sent to the House of Representatives for review. The bill establishes a federal regulatory framework for stablecoins, requiring one-to-one reserves, consumer protection, and anti-money laundering mechanisms, but does not restrict the president and his family from profiting from stablecoin issuance, which has drawn criticism from Democrats regarding potential conflicts of interest for the Trump family. The Trump family's World Liberty Financial project profited over $57 million last year through token sales.