US Senate Passes Stablecoin Bill In Milestone For Crypto Industry

In a major step for cryptocurrency regulation, the U.S. Senate passed the bipartisan GENIUS Act by a 68-30 vote, establishing the first federal regulatory framework for stablecoins, which are digital assets pegged to the U.S. dollar. The bill requires issuers to back their tokens with liquid assets like Treasury bills and disclose monthly reserve reports. The measure now moves to the Republican-led House of Representatives before it can reach President Donald Trump’s desk for approval. The bill’s passage marks a victory for the crypto industry, which has long pushed for clear rules and invested heavily—over $119 million—in lobbying and supporting pro-crypto candidates. However, critics like Senator Elizabeth Warren warn it lacks adequate safeguards against money laundering and could open the door for tech giants to issue private digital currencies unchecked.

Meanwhile, the Senate has also confirmed three high-profile ambassador appointments by President Trump to the UK, Turkey, and Italy

, with bipartisan support. Warren Stephens, a financier, was approved 59-39 as ambassador to the UK and Northern Ireland. Tom Barrack, a longtime Trump ally and private equity executive, was confirmed to Turkey by a 60-36 vote. Tilman Fertitta, billionaire CEO of Landry’s and owner of the Houston Rockets, was approved 83-14 as ambassador to Italy. These confirmations signal Trump’s ongoing influence in shaping foreign policy through loyal and wealthy allies, even as critics question the political motivations behind these appointments.