U.S. Senate Advances GENIUS Act: Major Boost for Stablecoin Regulation

The U.S. Senate has taken a significant step forward in regulating stablecoins, advancing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) with a 66-32 vote to bring the bill closer to final passage. This landmark legislation aims to provide much-needed clarity for the burgeoning digital asset industry by shifting control of stablecoin regulation from the SEC and CFTC to banking authorities.