U.S. Senate Passes GENIUS Stablecoin Bill, Voting Result 68-30
The U.S. Senate voted 68-30 on Tuesday to pass the amended GENIUS Act, bringing the bill one step closer to becoming law.
About six weeks before this vote, Tennessee Senator Bill Hagerty introduced this legislation. The accompanying bill STABLE Act may next be reviewed in the House or face more amendment proposals.
Before the vote, Hagerty stated in the Senate: "With the passage of this bill, the U.S. will become a global leader in the cryptocurrency space. After the GENIUS Act becomes law, various businesses and people across the U.S. will be able to make payments almost instantly, rather than waiting days or even weeks."
The bill failed to pass in May due to Democratic opposition regarding Trump's relationship with the cryptocurrency industry, as his family holds significant shares in World Liberty Financial, which issued its own dollar stablecoin in March.
It is currently unclear whether the stablecoin legislation will receive enough support in the House of Representatives, which is slightly controlled by the Republicans. Trump's AI and cryptocurrency advisor David Sacks stated in May that Trump might support a bill passed by a Republican-controlled Congress.
If payment stablecoins are recognized within the regulatory framework in the U.S., it could open the door for companies to issue their own tokens. Apple, Google, social media platform X, and Airbnb have considered this issue during the bill's debate, and two senators questioned whether Meta would have similar plans.
Treasury Secretary Scott Bethune stated on Tuesday: "The stablecoin market is expected to grow to $3.7 trillion in the coming years."
Market structure awaiting review in the House of Representatives
Although the stablecoin legislation is close to being signed by Trump, the House is still waiting for a vote on the digital asset market structure rules.