The GENIUS Act's advancement highlights the U.S. Senate's focus on creating a stablecoin regulatory framework amid crypto market volatility.
The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act was updated and released, gaining bipartisan traction. This legislative effort is led by Senator Bill Hagerty, who initially introduced the bill in February. Senator Tim Scott is a key advocate.
Senator Cynthia Lummis played a crucial role in the act's crafting, reflecting significant legislative involvement. Senate Majority Leader John Thune aims to fast-track the bill for a Senate vote soon, targeting a decision before Memorial Day.
The GENIUS Act introduces a tiered regulatory approach based on issuer size, impacting both depository institutions and nonbank issuers. Smaller issuers may operate under state regulatory regimes. The initiative follows recent cryptocurrency market slides, reflecting the bill's timely significance.
