In a significant move for the cryptocurrency industry, the U.S. Senate has passed the GENIUS Act in a 68-30 vote, marking a milestone in the regulation of stablecoins. The bill’s passing comes amidst growing concerns about the need for oversight and transparency in the rapidly evolving world of digital assets.
The GENIUS Act, short for Guiding and Establishing National Innovation for Stablecoins, aims to provide a framework for the regulation of stablecoins, which are digital assets pegged to a stable asset, such as a fiat currency. The legislation is seen as a crucial step towards addressing the risks associated with stablecoins, including potential financial instability and lack of consumer protection.
One of the key aspects of the bill is its focus on addressing the connections between stablecoin issuers and political figures. Notably, the bill passed without any amendments to address former President Donald Trump’s ties to World Liberty Financial, a stablecoin issuer. This has raised concerns among Democrats who have been calling for greater scrutiny of such relationships to ensure the integrity of the stablecoin market.
President Trump, who has embraced the title of “crypto president,” has been vocal about the need for stablecoin regulation and had expressed his desire for the legislation to reach his desk before the Congressional recess in August. With the Senate’s approval of the GENIUS Act, the bill is now one step closer to becoming law and could have far-reaching implications for the crypto industry.
Experts in the field have welcomed the passage of the GENIUS Act, noting that regulatory clarity is essential for the long-term growth and sustainability of the crypto market. By establishing clear guidelines for stablecoin issuers and ensuring accountability for their actions, the legislation is expected to enhance investor confidence and promote innovation in the digital asset space.
The impact of the GENIUS Act on the broader economy and society remains to be seen. As stablecoins play an increasingly prominent role in global financial transactions, effective regulation is seen as crucial for maintaining financial stability and protecting consumers. The passage of the bill reflects a growing recognition of the importance of regulating digital assets in line with traditional financial systems.
Overall, the U.S. Senate’s approval of the GENIUS Act represents a significant development in the ongoing effort to regulate stablecoins and bring clarity to the crypto industry. As the bill progresses through the legislative process, stakeholders will be closely watching how its implementation unfolds and the implications it may have for the future of digital assets.
References:
1. “US Senate passes GENIUS stablecoin bill in 68-30 vote” – Cointelegraph (https://cointelegraph.com/news/us-senate-passes-genius-act-stablecoins?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)
2. “U.S. Senate Passes GENIUS Act to Regulate Stablecoins, Marking Crypto Industry Win” – CoinDesk (https://www.coindesk.com/policy/2025/06/17/u-s-senate-passes-genius-act-to-regulate-stablecoins-marking-crypto-industry-win)
3. “U.S. Senate Passes GENIUS Act Stablecoin Regulations in Crypto First” – PYMNTS.com (https://www.pymnts.com/cryptocurrency/2025/u-s-senate-passes-genius-act-stablecoin-regulations-in-crypto-first/)
