Senator Elizabeth Warren warns the GENIUS Act may let tech billionaires issue stablecoins that track users and bypass banking rules.

This is the first legislative victory for the digital asset industry, which put around $250 million in the 2024 election cycle.

The Senate passed legislation to establish the first regulatory framework for stablecoins, capping prolonged, topsy-turvy bipartisan negotiations. Why it matters: The GENIUS Act, which was nearly derailed when Democrats had an internal blowup about President Trump's growing cryptocurrency empire,