The U.S. Senate voted overwhelmingly in favor of the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), a crucial step towards regulating stablecoins. This bipartisan bill passed with a 68-30 vote, paving the way for its final approval. The legislation requires stablecoin issuers to hold U.S. dollar assets or similar liquid reserves as collateral, imposes annual audits for issuers exceeding $50 billion in market value, and includes regulatory provisions for companies based internationally. This achievement signifies a significant step forward, particularly with Republican Senator Tim Scott’s leadership, who highlighted the bill’s impact on both innovation and national security. President Donald Trump himself had expressed his desire to have the bill submitted before August for his signature. This development has garnered support from White House advisors who are recommending a presidential sign-off if the bill is submitted in its current form. The Senate’s cloture vote paves the way for a final vote scheduled for Monday, with potential for an earlier action based on leadership negotiation.