06.24.25

Senate Passes Stablecoin Bill, Lessening Restrictions on Crypto in 401(k)s

by: Lynn Cavanaugh

The U.S. Senate has passed the first major cryptocurrency legislation, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, to regulate stablecoins. The GENIUS Act for the first time establishes federal guardrails for dollar-denominated stablecoins and creates a regulated pathway for private companies to issue digital dollars with the backing of the federal government. The measure is seen as a lessening of restrictions of crypto assets in 401(k)s, three years after the U.S. Department of Labor expressed “serious concerns” over doing so, effectively creating a ban on including crypto in the retirement plans.

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