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 GENIUS Act, a stablecoin regulation bill in the United States Senate, faces a key vote on June 17, and industry stakeholders are weighing in on what it means if it passes.

The Senate is poised to pass the GENIUS Act regulating stablecoins, a key form of cryptocurrency, aiming to increase legitimacy and consumer confidence. The bipartisan bill faces criticism for not addressing President Trump's financial involvement in crypto.

An update on the GENIUS Act stablecoin bill making its way through Congress, which is important to companies like Coinbase, Robinhood and Circle was among the key catalysts Bloomberg Intelligence litigation and policy analysts are watching this week.