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.

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 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.

On June 17, the U.S. Senate approved the GENIUS Act by a 68-30 vote, marking the first major cryptocurrency bill to pass the Senate. With backing from some Democrats, Republican Senator Bill Hagerty led the bill through the Senate on Tuesday.

In a significant development for the digital asset industry, the US Senate on Tuesday passed a bill aimed at creating a comprehensive regulatory framework for US dollar-pegged cryptocurrency tokens, commonly known as stablecoins.

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.

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  (S. 1582) was approved by the Senate today, thus moving federal regulations for stablecoins closer to reality.

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.

The GENIUS Act, a stablecoin regulation bill in the United States Senate, faces a key vote on June 17, and industry stakeholders are weighing in on what it means if it passes.