The US Senate has passed the GENIUS Stablecoin Bill, its first crypto regulatory framework bill, marking a landmark victory for the digital asset sector.
The much-discussed stablecoin bill gained bipartisan support on Tuesday, June 17, moving it one step closer to becoming law in the United States. About 68 senators supported the bill, representing a significant majority compared to the 30 who voted against it.
Following the passage of the amended version of the GENIUS Stablecoin Bill, it will now move to the House for deliberation.
GENIUS Act Nears Becoming a Law
For the uninitiated, the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act aims to establish guardrails for stablecoins in the United States. Sponsored by Senator Bill Hagerty, the legislation would regulate the fiat-pegged cryptocurrencies, protecting investors and promoting mainstream adoption.
Meanwhile, the bill passed after facing an initial hurdle last month. The Democrats raised concerns over Donald Trump’s growing involvement in the industry and rescinded the legislation at the time.
However, after several amendments, a cloture vote in May swayed the passing process back on track, with the bipartisan support continuing to the end yesterday. Notably, the approved legislation still did not prohibit the president from issuing stablecoins, but it did prevent members of Congress and their families from doing so.
The GENIUS Act hands stablecoin control over to the Office of the Secretary of the Treasury, currently held by Scott Bressent. This diverges from a similar bill in the House, termed the STABLE Act, which shares authority between the Federal Reserve and the OCC.
Progressive Crypto Regulatory Clarity, Finally
Meanwhile, the groundbreaking passage drew reactions from crypto industry leaders, who celebrated the milestone. Ripple CEO Brad Garlinghouse appreciated the efforts of pro-crypto senators who spearheaded the push for regulation of the nascent digital asset sector.
In a tweet, he noted that this was the first significant financial bill since the 2010-enacted Dodd-Frank Act and the first relating to cryptocurrency to receive passage in the Senate. The CEO emphasized that this was a historic moment for digital assets, which Congress has long overlooked despite years of efforts to gain clarity.
For YEARS, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road. This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment.
Thank… https://t.co/Urt2wc9fG6
— Brad Garlinghouse (@bgarlinghouse) June 17, 2025
Interestingly, many have teased the bill not just to foster innovation but to drive mainstream adoption of stablecoins. Crypto czar David Sacks stated that trillions will flow into the US economy with the passage, and Bessent projected that dollar-pegged stablecoins would hit a market cap of $2 trillion by 2028.
Furthermore, institutions are already exploring the new payment rail pending a functional regulatory framework. Amazon and Walmart are looking to enter into the sector, Shopify has adopted a USDC-powered payment system in collaboration with Coinbase, and Bank of America is also eyeing a similar move.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
