The U.S. Senate is finally treating stablecoins as extensions of the dollar system itself, using the GENIUS Act to pull digital dollars inside the regulatory perimeter.
Summary
- The GENIUS Act passed the Senate 68–30, requiring payment stablecoins to be fully backed by cash and short‑term Treasuries with frequent, public reserve disclosures.
- Built on the Lummis–Gillibrand blueprint, the bill splits oversight between bank regulators and states while explicitly pitching regulated stablecoins as a way to cement U.S. dollar dominance.
- Critics warn the framework could entrench Trump‑linked ventures like World Liberty Financial and cement a two‑tier regime that squeezes…
