GENIUS stablecoin bill heads to Senate vote

The U.S. Senate is set to vote on the GENIUS Act on Tuesday, a stablecoin regulation bill requiring dollar-backed reserves, audits for large issuers and consumer protections. The bill has gained bipartisan support after revisions addressed concerns over foreign issuers and corporate involvement. Controversy remains over U.S. President Trump’s ties to World Liberty Financial, a stablecoin issuer co-founded by his sons. While the bill restricts current officials from direct involvement, it does not apply to family members. According to The Block, The House may adopt the GENIUS Act over its own version due to broader Senate support.