The U.S. Senate Passes Stablecoin Bill with Bipartisan Support
The U.S. Senate made history with the overwhelming bipartisan passage of the stablecoin bill, known as the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act. The bill received a final vote of 68-30, with a surge of Democrats joining their Republican counterparts. This marks a significant milestone in crypto policy efforts in the U.S. as the legislation now moves to the House of Representatives for further consideration.
Democratic Backing Boosts Momentum
Major Democratic support for the GENIUS Act gives it momentum as it transitions to the House of Representatives. The bill aims to establish regulations and oversight for U.S. issuers of stablecoins, such as those backed by Circle, Ripple, and Tether. Companies offering these digital assets to U.S. users would need to meet strict reserve requirements, transparency standards, anti-money laundering measures, and regulatory supervision, including potential new capital rules.
Industry and Advocates React
Industry leaders and advocates have hailed the Senate’s passage of the stablecoin bill as a significant step forward for the digital asset industry. Ji Kim, Acting CEO of the Crypto Council for Innovation, called it a “historic step,” while Amanda Tuminelli, executive director of the DeFi Education Fund, described it as a win for innovation and regulation in the U.S.
However, some Democratic critics, like Senator Elizabeth Warren, have raised concerns about loopholes for foreign tokens and potential conflicts of interest. Despite these reservations, proponents of the bill argue that regulating stablecoins is crucial for the U.S. to maintain its leadership in the crypto space.
Next Steps in the Legislative Process
The fate of the GENIUS Act is closely linked to the House’s Digital Asset Market Clarity Act, a broader crypto bill that addresses the legal framework for the U.S. crypto markets. While the stablecoin bill has made progress, both bills are seen as interconnected and important for the industry’s growth.
Industry lobbyists are now focused on gaining support in the House for both pieces of legislation. A recent report highlighted the importance of stablecoins in the crypto market, noting their role in facilitating transactions and the need for proper regulation to prevent illicit activities.
Looking Ahead
The passage of the stablecoin bill in the Senate represents a significant milestone for the crypto industry in the U.S. As the legislative process continues in the House, stakeholders are hopeful that comprehensive regulations will provide certainty and confidence for the widespread adoption of digital assets.