Yesterday, in a 68–30 vote, the US Senate passed the GENIUS Act – the first significant legislation aimed at regulating stablecoins.
These non-custodial solutions grant you complete ownership of your digital assets, eliminating the need for centralized control.
Under the new law, only licensed institutions will be able to issue stablecoins.
Large issuers with $10B+ in market capitalization will be required to transition to regulation under a comptroller or file a new application for further conditional approval with the appropriate Federal regulator.
Meanwhile, smaller players must operate under pre-approved state frameworks.
All payment stablecoins must be backed 1:1 by high-quality liquid assets, such as Treasury bills, notes, or bonds.
Moreover, issuers will be required to publish monthly reserve disclosures, segregate customer funds from company operations, and comply with anti-money laundering rules, including customer ID checks and suspicious activity reports. Yield-bearing stablecoins are a no-go.
The Treasury will standardize reserve audits, whereas the Commodity Futures Trading Commission (CFTC) will get limited enforcement power in the spot market.
Supporters believe the bill has what it takes to increase global trust in fiat-backed digital assets and boost demand for US Treasuries.
On the flip side, Senator Elizabeth Warren warns that, if the bill passes, it ‘would enable Trump’s egregious corruption.’ She also fought back by saying that ‘it would mean easier access to money for terrorists and drug cartels.’ The bill hasn’t been without its woes, period. It initially stalled in May after Democrats raised alarm bells over national security risks and potential loopholes.
But after weeks of negotiations, lawmakers agreed on key revisions: tighter ethics rules for officials who hold stablecoins, stronger bankruptcy protections for bank customers, and a new Treasury mandate to monitor suspicious activity.
Such changes helped secure enough Democratic support for the bill to move forward. Still, problems related to centralized control – including privacy, censorship, and single points of failure – remain key concerns for everyday crypto users.
In total, it supports 1K+ digital assets across major networks like Ethereum, Bitcoin, BSC, Base, and Polygon. The app will soon expand its coverage to 60+ blockchains. As such, it provides you with the freedom to explore, trade, and manage an extensive crypto portfolio in one place.
Thanks to its Cross-Chain Swap feature, you also get access to 30 cross-chain bridges, ensuring the best possible swap rates with minimal fees.
Most importantly, Best Wallet is a work in progress, and the app is constantly rolling out updates to stay competitive in the crypto market.
There’s already much to look forward to in the pipeline. One of the most exciting developments is Best Card, a crypto debit card that will soon enable you to spend your digital assets in everyday life – a must-have for a crypto-forward future.
The GENIUS Act signals a historic shift: crypto is on the brink of being officially accepted into US legislation.
While regulation could bring trust and transparency to stablecoins, it also means deeper government control, surveillance, and barriers to entry.
This article isn’t financial advice. All crypto investments carry risks, so always do your due diligence and never spend more than you can afford to lose.
