Congress passes GENIUS Act, creating the first federal stablecoin framework

Congress passed the Guiding and Establishing National Innovation for US Stablecoins Act, establishing the first federal regulatory framework for payment stablecoins. The law requires stablecoin issuers to maintain one-to-one reserves and obtain federal or state licensure. Critics noted the bill included a carveout that allowed the Trump family's affiliated stablecoin USD1 to operate under lighter-touch state rather than federal oversight.