Wednesday marked a fresh milestone for the cryptocurrency industry, with the Senate passing the GENIUS Act to create a federal regulatory framework for stablecoins. Passing in a 63-30 vote, the GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, will create new guidelines for the issuance and usage of stablecoins. President Donald Trump's vocal support, stablecoin issuer Circle's IPO, and now, stablecoin legislation have all pushed digital assets further into the spotlight. What does the Genius Act do? Both payments companies have developed blockchain technology that enables settlement in the stablecoin USD Coin and partnered with crypto exchanges.