SENATE PASSES STABLECOIN BILL, TURNING FOCUS TO HOUSE

Summary from the TLDR Crypto newsletter

The Senate passed the GENIUS Act, a bipartisan bill regulating stablecoins in the United States. The bill mandates full dollar backing and annual audits for large issuers. It introduces consumer protections like “super-priority” bankruptcy status. It also restricts Big Tech firms like Meta and Amazon from issuing stablecoins without meeting strict criteria. The focus now shifts to the House, which must decide whether to advance its own bill or adopt the Senate's version. Trump has signaled that the legislation should be passed by August.