Senate passes GENIUS Act 68-30, creating first federal stablecoin framework

The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by a vote of 68-30, with 17 Democrats joining all 51 Republicans. The bill — championed by Senate Banking Committee Chair Tim Scott (R-SC) — creates the first federal regulatory framework for dollar-pegged payment stablecoins, requiring 100% reserve backing and banning issuers from paying interest to holders. Sen. Elizabeth Warren led Democratic opposition, citing anti-money laundering gaps and conflict-of-interest concerns over the Trump-branded USD1 stablecoin.