The GENIUS Act Approved in the Senate as Federal Stablecoin Regulations Near

The GENIUS Act  (S. 1582) was approved by the Senate today, thus moving federal regulations for stablecoins closer to reality. While stablecoins are typically tied to other assets, such as fiat currency, gold, or perhaps an algorithm, this legislation explicitly addresses payment stablecoins or digital dollars issued by private firms. The passage of the bill has been widely anticipated as Democratic opposition crumbled and additional amendments were added to mollify those who were hesitant. The