Congress passed the GENIUS Act this week, boosting the market for stablecoins. Here's what investors need to know about the corner of the crypto market.

The US Senate passed the GENIUS Act, a federal bill that puts crypto stablecoins under direct government control, after the crypto industry spent millions lobbying in last year’s elections. This legislation is now the first national law that forces stablecoin issuers to follow Treasury and law enforcement rules.

The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting sweeping authority to the Department of Treasury and opening the door to banks, fintechs, and retailers.