In a significant milestone for the cryptocurrency industry, the US Senate has passed the GENIUS Act, a comprehensive framework for stablecoins, with bipartisan support. This landmark legislation marks the first major regulatory step for cryptocurrencies, aiming to establish a clear rulebook for stablecoin operations and potentially bolster the dominance of the US dollar in the global financial system. Proponents argue that the GENIUS Act will protect consumer investments and simplify stablecoin regulations, while critics, including Senator Elizabeth Warren, express concerns about potential corruption and economic risks tied to the law. The bill will now move to the House for further deliberation.