The long-awaited GENIUS Act on Stablecoins is heading for its final vote on Tuesday. With the bill poised to be approved by the Senate, it will subsequently move to the House of Representatives. This marks a significant step toward establishing a regulatory framework for stablecoins in the U.S.
After weeks of debates, closure votes, and revisions, the GENIUS Act on stablecoins is preparing for a crucial vote in the Senate. This brings the bill closer to enactment. As highlighted by FOX Business journalist Eleanor Terrett in a post on X, the stablecoin bill will be put to a final vote on June 17, 2025.
After the Senate vote to invoke closure last week, paving the way for final debate, expectations are growing that the GENIUS Act will be approved today. Acknowledging the importance of passing the stablecoin bill, Senator Bill Hagerty stated:
"If we don't act now, not only will these benefits fade away, but we will also fall behind in global competitiveness. Without a regulatory framework, innovation in stablecoins will proliferate abroad, not in the United States!... With the dollar struggling to maintain its role in the global economy, the GENIUS Act could be the solution."
While some advocate for clear regulation of stablecoins and the passage of the GENIUS Act, a very active opposing group strongly opposes it, sparking a controversial debate. Cryptocurrency critics, such as Senator Elizabeth Warren, oppose the stablecoin law and urge Congress to take action. Warren mentioned concerns about security and privacy, adding: "If Congress does not fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and drive out competition."
Similarly, Republican Senator from Missouri, Josh Hawley, also expressed his strong opposition to the GENIUS Act. He argued:
It's a big gift for the big tech companies. It allows them to issue stablecoins without any kind of oversight. I don't see why we would do that.
At the same time, industry experts, such as Lionsgate CEO Bezalel Eithan Raviv, address the limitations of the bill. However, they consider it a crucial step toward establishing regulations for stablecoins. Acknowledging that the stablecoin law represents an improvement over the current lack of cryptocurrency regulation, Raviv stated:
"The overall outlook is that [the bill] will yield better results than any other current measure. It is a step in the right direction for everyone. There are ways to improve it. There are ways to improve everything. But this is the first. Let's try it, and it will have multiple repercussions."
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