The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

US Senate passes the GENIUS stablecoin bill, advancing it to the House for a vote in 3 weeks with rules on backing, audits, and oversight.

The GENIUS Act is a proposed bill that regulates one type of cryptocurrency called stablecoins, a $200 billion part of the multi-trillion-dollar cryptocurrency system. The bill’s name stands for Guiding and Establishing National Innovation for U.

On June 17, the U.S. Senate approved the GENIUS Act by a 68-30 vote, marking the first major cryptocurrency bill to pass the Senate. With backing from some Democrats, Republican Senator Bill Hagerty led the bill through the Senate on Tuesday.

As Eleanor Terrett reveals, the GENIUS Stablecoin Act is poised for US Senate passage on Tuesday, setting the stage for a House vote.

The GENIUS Act  (S. 1582) was approved by the Senate today, thus moving federal regulations for stablecoins closer to reality.

The GENIUS Act "makes it prohibitive for non-financial public companies to become stablecoin issuers," Bernstein said, noting recent reports that said Amazon and Walmart were exploring using these cryptocurrencies.

The Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, now faces a key vote in the United States Congress, and the stakes for the cryptocurrency industry are high.