U.S. Senate Passes Stablecoin Bill in Big Win for Crypto Industry – Eurasia Business News
By John Meyer, consultant in financial affairs – Eurasia Business News, June 18, 2025. Article no. 1570.
View on the US Congress, Capitol Hill, Washington D.C.. Photo credits : Swann Collins.
The U.S. Senate passed the GENIUS Act on June 17, 2025, with a bipartisan vote of 68-30, marking a major legislative victory for the cryptocurrency industry. This bill establishes the first federal regulatory framework specifically for dollar-backed stablecoins, a type of cryptocurrency pegged to fiat currency like the U.S. dollar.
Key provisions of the GENIUS Act include:
- Requirements for stablecoin issuers to maintain full reserve backing and undergo monthly audits.
- Compliance with anti-money laundering…
