The U.S. Senate has passed the GENIUS Act, the first federal legislation setting consumer-protection and national-security standards for dollar-backed stablecoins. The bill instructs regulators to draft rules covering reserve verification, cross-border interoperability and automated compliance—areas viewed as critical for bringing traditional financial assets onto public blockchains. Chainlink co-founder Sergey Nazarov said the oracle and interoperability provider is collaborating with the Treasury, SEC, CFTC and lawmakers to embed its Proof of Reserve, Cross-Chain Interoperability Protocol (CCIP) and identity tools into the emerging framework. “Our view is that we will be able to set Chainlink up as a standard both in the U.S. and globally,” Nazarov said after a series of meetings in Washington. Chainlink supporters, including Treasury official Secretary Bessent, argue the network’s infrastructure can give policymakers continuous, real-time evidence that tokenized assets are fully backed. Industry executives welcomed the Senate vote, saying regulatory clarity will accelerate institutional tokenization. “Once we get that, we’re off to the races in the US,” Ondo Finance Chief Executive Nathan Allman said during a discussion with Nazarov. The Treasury Secretary has projected the stablecoin market could reach about $3.7 trillion by 2030, underscoring the scale of activity that could move onto blockchains such as Ethereum if the legislation becomes law.