PANews reported on June 18 that according to AP, the U.S. Senate passed the GENIUS Act, a stablecoin regulatory bill, with 68 votes in favor and 30 against. The bill will be sent to the House of Representatives for review. The bill establishes a federal regulatory framework for stablecoins, requiring one-to-one reserves, consumer protection, and anti-money laundering mechanisms. However, it does not restrict the president and his family from profiting from stablecoin issuance, which has drawn criticism from Democrats over potential conflicts of interest for the Trump family. The World Liberty Financial project owned by the Trump family earned over $57 million through token sales last year.
