The GENIUS bill on stablecoins passes a procedural vote in the Senate
The GENIUS bill (Guiding and Establishing National Innovation for US Stablecoins) was introduced in April 2025 by Senators John Thune (Republican) and Kyrsten Sinema (Democrat). It aims to create a legal framework for stablecoins.
As a reminder, stablecoins are cryptocurrencies whose value is pegged to a fiat currency like the dollar.
The text notably provides that issuers of stablecoins must be registered with the SEC (Securities and Exchange Commission) or the CFTC (Commodity Futures Trading Commission), depending on their nature. It also imposes rules for transparency, security, and user protection.
The GENIUS Act, a brilliant idea for WLFi from Donald Trump?
The bill was approved by the Senate banking committee in May 2025, but it faced opposition from some Democrats, particularly Senator Elizabeth Warren.
She denounced a text riddled with flaws and insufficient protections for users, national security, and financial stability. She also criticized the fact that the bill favors the crypto platform World Liberty Financial (WLFi), backed by the Trump family.
For his part, John Thune, the majority leader, argues that this will help to 'mainstream' crypto in the United States.
