Senate Advances Stablecoin Regulation, Shaping US Dollar’s Role in Digital Payments

The U.S. Senate has taken a decisive step toward regulating stablecoins, with the GENIUS Act advancing through a 18-6 vote. This development signals a significant shift in how the US government will manage dollar-backed digital assets. Alongside other proposals by Rep. Maxine Waters, the bill introduces comprehensive rules for stablecoin issuers nationwide. The act categorizes these instruments as payment-focused financial tools backed by redeemable U.S. dollar reserves. This includes new licensing, reserve, and transparency requirements, aiming to strengthen oversight in the rapidly growing digital currency sector.