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US Senate votes to pass GENIUS Act

Евгений Глинский

Автор специализируется в тематике сайта, постоянно отслеживает её по влиятельным русскоязычным и ведущим интернациональным ресурсам. Его высокая квалификация подтверждается руководством FUTUREBY.INFO

Morning News

20 may 2025

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On May 19, 2025, the U.S. Senate took a major step toward establishing federal regulation of stablecoins by voting to pass the GENIUS Act. The act aims to create clear rules for issuers of stablecoins — cryptocurrencies pegged to fiat currencies, primarily the U.S. dollar.

Sixty senators voted to pass the GENIUS Act on Monday night. During a previous vote, senators failed to reach the required number of votes to advance the bill due to unresolved issues related to “ethical standards for public officials to enrich themselves through their promotion of cryptocurrency.”

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Key provisions of the GENIUS Act

The bill stipulates that stablecoin issuers must:

1. Keep reserves in liquid and safe assets such as government bonds.
2. Comply with laws to combat money laundering and terrorist financing.
3. In case of bankruptcy, give priority to returning funds to investors.
The bill also prohibits large tech companies such as Meta and Google from issuing their own stablecoins.

Political debates and conflicts of interest

While the bill has bipartisan support, some Democrats have raised concerns about potential conflicts of interest due to President Donald Trump’s involvement in the cryptocurrency industry. His company, World Liberty Financial, recently issued the USD1 stablecoin and also struck a $2 billion deal with a UAE investment fund.

Senator Elizabeth Warren said the bill could enrich the president personally and calls for stricter ethics standards.

The passage of the GENIUS Act could be the first significant step toward creating a comprehensive regulatory environment for cryptocurrencies in the United States. This is especially important given that the stablecoin market has reached a volume of $250 billion and plays a key role in the crypto economy. A final vote in the Senate is expected in the coming days, after which the bill will move to the House of Representatives for consideration.