The U.S. Senate has passed the Guidance and Establishment of a National Innovation for U.S. Stablecoins (GENIUS Act), setting a regulatory framework for stablecoins pegged to the U.S. dollar. The bill, which received strong bipartisan support with a 68-30 vote, now moves to the Republican-controlled House of Representatives for further consideration. If enacted, the legislation will require stablecoin issuers to maintain reserves in liquid assets like U.S. dollars and short-term Treasury bonds, and to disclose reserve compositions monthly. This legislative development is seen as a significant step towards formalizing the digital asset industry in the United States. The GENIUS Act aims to enhance transparency and stability in the stablecoin market, aligning with broader regulatory efforts to integrate digital currencies into the financial system. The bill's passage in the Senate reflects a growing consensus on the need for federal oversight in the rapidly evolving cryptocurrency sector.