Is the GENIUS Act an answer to Stablecoin regulation in the US? All about first-of-its-kind cryptocurrency legislation

The US Senate has advanced the GENIUS Act, a bill aimed at regulating stablecoins, following 66-32 vote on Monday, two weeks after Democrats blocked the measure. The Senate voted to move forward with legislation to regulate a form of cryptocurrency called stablecoins.

This is seen as a significant step towards formal oversight of the digital asset space and the bill is aimed at regulating stablecoins, a type of cryptocurrency pegged to assets like the US dollar or gold.

Here are ten things you need to know about GENIUS Act:

-The Senate advanced a major cryptocurrency regulation bill Monday on a bipartisan vote two weeks after every Senate Democrat united to block it. The procedural vote on the GENIUS Act — which would establish the first regulatory framework for issuers of stablecoins, digital tokens pegged to fiat currencies like the US dollar — was 66-32.

-If enacted, the legislation would create the first federal framework for stablecoins—cryptocurrencies tied to assets such as the US dollar. Lawmakers argue that the bill strikes a balance between consumer protection and innovation, even amid political friction and ongoing concerns about transparency.

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-Stablecoins are a type of cryptocurrency designed to keep their value stable by being tied to traditional assets like the US dollar, gold, or government bonds. Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins aim for price consistency, making them ideal for digital transactions, remittances, and decentralized finance (DeFi) platforms.

-The market for stablecoins has surged, now approaching $250 billion. Still, critics caution that without clear regulations, these assets could threaten financial stability and consumer protection.

-The bill is a legislative priority for President Donald Trump, who has ties to the cryptocurrency industry through ventures like World Liberty Financial and its stablecoin, USD1.

-“Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” Sen. Kirsten Gillibrand, one of the initial Democratic cosponsors of the bill, said in a statement on Friday, according to CNN.

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-“The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar,” Gillibrand continued.

-Stablecoins are a fast-growing corner of the cryptocurrency industry that have produced enormous profits for some of the major players involved. A single stablecoin is worth $1, making them a much more reliable digital asset for commercial transactions than other forms of crypto.

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-The Trump family’s crypto dealings with World Liberty Financial, and President Donald Trump’s dinner for the top holders of his meme coin, have aggravated concerns among Democrats.

-The GENIUS Act represents a pivotal moment in US crypto legislation. If passed, it would provide long-awaited regulatory clarity for stablecoin issuers and signal Washington’s commitment to engaging with blockchain technologies.