Congress passes the GENIUS Act, regulating stablecoins and introducing anti-money laundering rules, amid industry lobbying.

Congress has passed the first major cryptocurrency legislation, the GENIUS Act, which regulates stablecoins by requiring companies to hold equivalent reserves in dollars. The bill also introduces anti-money laundering rules. Critics argue the regulations are too lenient, allowing non-financial institutions to issue stablecoins without stringent oversight. The legislation follows significant lobbying by the crypto industry, which spent over $100 million on Congressional races.