It's done! The US Senate, after many years of waiting, has taken an important step by approving a law that for the first time introduces stablecoins into the framework of strict government regulation. The document, known as the "GENIUS Stable Coin Law," was unanimously supported by the senators.

Now everything depends on the House of Representatives, which must consider and adopt the law. If everything works out, the next step will be the signature of the president, who, judging by his statements, is ready to sign the document before the end of the summer.

Everything changes with the adoption of this law. Now, only licensed banks and approved foreign companies will be able to issue stablecoins for use in the American financial system. Foreigners will have to confirm that their home countries are not inferior to the States in terms of regulation. No compromises – complete openness and strict control over reserves.

Reserves are generally a separate topic. The law clearly states: only dollars in cash, deposits in the Federal Reserve System (FRS) or super-reliable short-term government bonds. No risky investments or murky schemes. Everyone who issues stablecoins must publish audit reports every month confirming that all coins are 100% secured.

The GENIUS Act prohibits stablecoin owners from paying interest, meaning they will not be able to earn income like in a bank. And large technology companies like Meta or Amazon will have to go through even more checks if they want to release their digital money.

Up to this point, stablecoins were kind of outlawed. There have been cases when regulators have punished companies that issue them, but there have been no uniform rules. Now they will appear, and stablecoins will become a legitimate financial instrument, but only for those who are willing to follow very strict rules.
What will happen next?

Now the law must be passed in the House of Representatives. There is already a regulation option for stablecoins, but the GENIUS Act has a good chance of becoming the basic law, especially given the support of the Trump administration. The president's advisers have already said that they consider this law to be very important, and Commerce Secretary Howard Lutnick, who always supports the market, may even accelerate its adoption.