The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

The U.S. Senate voted 66–32 on Monday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

As President Donald Trump headed over to his Virginia golf course for a gala with the 250 top buyers of his $TRUMP “memecoin,” Democrats are trying to find ways to push back on the president’s incursions in the cryptocurrency market.

The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

Senator Gillibrand's leadership in stablecoin regulation is under scrutiny amid campaign donations from major crypto firms.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

Bitcoin ( BTC 4.39%) set a new all-time high today, topping $111,000 for the first time ever. After reaching a previous all-time high in December 2024, Bitcoin declined roughly 30%, leading many to believe the bull run that saw it nearly double from September through December was over. However, in the last month, Bitcoin is up nearly 50%.

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