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Senate Passes Stablecoin Bill in Big Win for Crypto Industry

UNITED STATES, JUN 17 – The GENIUS Act sets the first federal rules for stablecoins, requiring full reserve backing, transparency, and consumer protections in a 68-30 Senate vote.

  • On Tuesday, the U.S. Senate approved the GENIUS Act, establishing the first federal regulations for stablecoins pegged to the U.S. dollar.
  • This milestone bill emerged after years of stalled legislation and amid concerns over Trump's ties to the crypto industry and potential conflicts of interest.
  • The GENIUS Act requires stablecoin issuers to maintain full reserve backing, undergo monthly audits, disclose reserves monthly, and follow strict anti-money laundering rules.
  • The bill passed 68-30 with bipartisan support, and Circle's shares surged 20% following the vote, signaling strong market enthusiasm for stablecoin regulation.
  • The legislation marks a major step to integrate digital assets into mainstream finance, though critics like Sen. Merkley denounce it as enabling corruption tied to Trump’s crypto dealings.
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TRIBUNE. The US president is a protector of cryptoactives. But the choice of a monetary system is not only technical, it is political, argues economist Natacha Vallas, in a forum in the "World".

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Forbes broke the news in United States on Tuesday, June 17, 2025.
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