Yeliz Akmaca 
The U.S. Senate has passed the long-awaited digital finance regulation. The GENIUS Act, a stablecoin law, was approved with a 68 to 30 vote. This decision marks the most concrete step the U.S. has taken regarding crypto regulations.
Stablecoins Must Now Be Fully Backed by Reserves
The regulation requires stablecoin issuers to hold 100% reserves. The law mandates that stablecoins be fully backed only by U.S. dollars or similar liquid assets. This ensures market stability while increasing investor confidence. Annual independent audits will be introduced, especially for large issuers, emphasizing transparency. The new regulation applies not only to domestic companies but also to foreign-based stablecoin issuers. Foreign firms wishing to operate in the U.S. must now comply with certain guidelines, ensuring quality control for market entrants.
Risk Control Obligations for Tech Giants
Tech companies like Meta and Amazon want to issue stablecoins. However, the law imposes a strong risk control system requirement on these firms, limiting potential risks to the financial system. The law also clearly outlines a framework for corporate stablecoin issuance.
Concerns were raised about uncertainties surrounding foreign issuers, insufficient anti-money laundering measures, and the possible consequences of corporate stablecoin projects. At the center of debates were Donald Trump’s ties to the crypto sector.
How Will the Trump Administration Approach the Bill?
The GENIUS Act passed the Senate with bipartisan support from both Democrats and Republicans, signaling rare political consensus on crypto regulations. As the bill moves to the House of Representatives, all eyes turn to the Trump administration. During Senate debates, Democrats voiced concerns about foreign issuers, anti-money laundering measures, and the potential impacts of corporate stablecoin projects. Central to the discussions were allegations of conflicts of interest involving former President Donald Trump’s connections to crypto ventures.
Bill Now in the House of Representatives
The Senate-approved bill now moves to the House, where it remains unclear whether the GENIUS Act will be merged with the previously proposed STABLE Act. This phase is expected to conclude within a few weeks. With this move, the U.S. aims to set global standards in the digital finance market.
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