US Senate passes GENIUS stablecoin bill in 68-30 vote
On June 17, 2025, the US Senate made history by passing the GENIUS Act, the nation’s first major stablecoin regulation bill, with a strong bipartisan 68-30 vote. The GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins—sets out to bring order and clarity to the rapidly expanding world of stablecoins, digital tokens pegged to the US dollar and used for fast, borderless payments.
Senator Bill Hagerty of Tennessee, who introduced the bill just six weeks prior, praised the moment as transformative for the US financial system, emphasizing that stablecoins could enable Americans and businesses to settle payments almost instantly, instead of waiting days or weeks.
The legislation demands that stablecoins be fully backed by liquid assets like US dollars etc., and it requires issuers to publicly disclose their reserves every month. Only licensed institutions will be allowed to issue stablecoins, and the bill bars current federal officials from launching their own tokens.
The bill’s passage marks a significant victory for the crypto industry and reflects growing bipartisan momentum, with 18 Democrats joining most Republicans to push the measure through. However, the road was not without controversy—concerns about potential conflicts of interest connected to President Trump’s family crypto involvement surfaced, leading to heated debate and calls for stricter prohibitions, though the final version only bars members of Congress and their families from profiting from stablecoins.
With the Senate’s approval, the GENIUS Act now moves to the House of Representatives, where lawmakers will decide whether to adopt it as written or propose changes. If the House passes a reconciled version, the bill will head to President Trump, who has championed crypto innovation and aims to sign the bill into law before the August Congressional recess.
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