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

The US Senate passed the GENIUS Act, aiming to regulate stablecoins. The bill introduces rules and consumer safeguards for these cryptocurrencies. It received bipartisan support, with a vote of 68-30.

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,