The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

The Senate on Tuesday passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill that establishes federal oversight for US dollar-pegged stablecoins. The legislation,

The GENIUS Act is a proposed bill that regulates one type of cryptocurrency called stablecoins, a $200 billion part of the multi-trillion-dollar cryptocurrency system. The bill’s name stands for Guiding and Establishing National Innovation for U.

The US Senate has approved the GENIUS Act. It sets rules for stablecoins. The bill requires full reserve backing and monthly audits. It allows various firms to launch stablecoins. Senator Bill Hagerty calls it a move to modernize finance.

US Senate passes the GENIUS stablecoin bill, advancing it to the House for a vote in 3 weeks with rules on backing, audits, and oversight.

The Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, now faces a key vote in the United States Congress, and the stakes for the cryptocurrency industry are high.

As Eleanor Terrett reveals, the GENIUS Stablecoin Act is poised for US Senate passage on Tuesday, setting the stage for a House vote.

The GENIUS Act "makes it prohibitive for non-financial public companies to become stablecoin issuers," Bernstein said, noting recent reports that said Amazon and Walmart were exploring using these cryptocurrencies.

A majority of lawmakers in the US Senate voted in favor of the GENIUS Act to regulate stablecoins, marking a significant milestone for crypto-related legislation.

The Senate is poised to pass the GENIUS Act regulating stablecoins, a key form of cryptocurrency, aiming to increase legitimacy and consumer confidence. The bipartisan bill faces criticism for not addressing President Trump's financial involvement in crypto.