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U.S. Senate passes GENIUS Act, paving way for stablecoin regulation
The U.S. Senate has approved the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS Act), marking the first major cryptocurrency initiative to pass one chamber of Congress.
The bill, which received broad bipartisan support (68 votes in favor, 30 against), now moves to the House of Representatives for further consideration.
Introduced by Senator Bill Hagerty (Republican, Tennessee), the GENIUS Act aims to establish a comprehensive federal framework for the issuance and circulation of stablecoins — digital assets pegged to fiat currencies such as the U.S. dollar. According to the bill, issuers must back tokens 1:1 with cash or short-term U.S. Treasury bonds, undergo annual audits, and comply with strict anti-money laundering and transparency standards.
Industry reaction and impact
The Senate’s support marks a turning point in the regulation of digital assets in the U.S. Proponents argue that clear regulatory boundaries will boost investor confidence, expand global use of dollar-backed digital assets, and strengthen U.S. leadership in the fintech space. Senator Hagerty described the bill as a “pro-growth framework” and emphasized its role in ensuring “dollar dominance in the digital economy.”
Debate, amendments, and the path ahead
However, the bill did not pass without controversy. A number of progressive lawmakers, including Senator Elizabeth Warren, opposed provisions that could allow large tech companies to issue their own stablecoins and collect user data. Critics also voiced concerns about potential conflicts of interest due to former President Donald Trump’s family’s involvement in stablecoin ventures. These issues led to amendments addressing ethics and transparency ahead of the final vote.
Treasury Secretary Scott Bessent expressed support for the bill, citing forecasts that the stablecoin market could grow to $3.7 trillion by 2030. He added that increasing demand for stablecoins could help lower government borrowing costs by driving demand for U.S. Treasuries.
Industry leaders welcomed the Senate’s initiative. Amanda Tuminelli, Executive Director of the DeFi Education Fund, called it a “monumental step” toward balanced crypto regulation. Ji Kim of the Crypto Council for Innovation noted that the bill provides much-needed clarity.
The GENIUS Act’s fate now lies with the House of Representatives, where competing proposals — including the broader CLARITY Act — could slow progress. Nevertheless, momentum is building, and the bill may yet become the cornerstone of stablecoin regulation in the U.S.
See also: Thailand offers 5-year crypto tax breaks to boost investment
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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