On June 17, the U.S. Senate overwhelmingly approved the "Guidance and Establishment of National Innovation Act for U.S. Stablecoins," commonly referred to as the "Genius Act," with a vote of 68 to 30. This pivotal legislation aims to establish a comprehensive regulatory framework for dollar-pegged cryptocurrency stablecoins. This milestone signifies the first time the cryptocurrency industry has received federal-level legal guidelines. White House officials have emphasized that the bill will help clarify the regulatory landscape, foster innovation and competitiveness within the digital asset sector, and reinforce the preeminence of the U.S. dollar in the cryptocurrency sphere. However, the bill faced opposition from some Democrats who believe its regulatory measures are insufficiently stringent. Before becoming law, the bill must still gain approval from the House of Representatives and be signed by the President.