In a significant development for cryptocurrency regulation, the U.S. Senate passed the bipartisan GENIUS Act with a 68-30 vote, establishing the first federal regulatory framework for stablecoins—digital assets pegged to the U.S. dollar. The legislation mandates that issuers back their tokens with liquid assets such as Treasury bills and provide monthly reserve disclosures. It now heads to the Republican-controlled House of Representatives before potentially reaching President Donald Trump’s desk for final approval. The bill’s passage is seen as a win for the crypto industry, which has lobbied aggressively—spending over $119 million—to secure clear regulations and promote pro-crypto lawmakers. However, critics like Senator Elizabeth Warren argue the act fails to include sufficient safeguards against money laundering and may allow tech companies to issue private digital currencies without adequate oversight.

Alongside the crypto legislation, the Senate confirmed three of President Trump’s key ambassadorial nominees, showcasing his ongoing influence in foreign policy. Financier Warren Stephens was confirmed as ambassador to the UK and Northern Ireland by a 59-39 vote, while longtime Trump ally and private equity executive Tom Barrack was approved as ambassador to Turkey with a 60-36 vote. Billionaire Tilman Fertitta, CEO of Landry’s and owner of the Houston Rockets, received the most support, being confirmed as ambassador to Italy by a vote of 83-14. Though the appointments received bipartisan backing, critics continue to question the political motivations behind these selections, citing concerns over the preference for wealthy loyalists in key diplomatic positions.