The #GENIUS Act, which is a key part of stablecoin regulation in the U.S. that prioritizes issuers subject to U.S. regulation, is advancing in the Senate. The news has sparked wide reactions in the cryptocurrency industry, with Coinbase's chief legal advisor, Paul Grewal, describing it as a watershed moment.

In a recent tweet, Grewal shared his astonishment and optimism about this achievement: "Today we will see the U.S. Senate pass key cryptocurrency legislation with bipartisan support. A year ago, I would have thought this at best a dream. Think for a moment about how far we’ve come."

Today we will see the U.S. Senate pass key cryptocurrency legislation with bipartisan support. A year ago, I would have thought this at best a dream. Think for a moment about how far we’ve come.

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— paulgrewal.eth (@iampaulgrewal) June 17, 2025

The cryptocurrency community also shares this optimism. Prominent Cardano supporter Rick McCracken similarly commented: "We have made significant progress in the past few years in the cryptocurrency space. Very happy to see elected representatives actually excited about passing pro-digital asset legislation."

This sentiment reflects a broader feeling among cryptocurrency holders, who have long called for clear regulatory frameworks that encourage innovation while protecting investors.

GENIUS Act

The GENIUS Act, or the National Stablecoin Innovation Act, aims to reintroduce stablecoin innovation to the country. It requires federal regulation of stablecoins with a market capitalization of over $10 billion, with the possibility of state regulation if it aligns with federal guidelines.

The bill treats stablecoins as digital currency, aiming to encourage their wider use for payments beyond their use as a settlement currency for digital assets.

Bern,,,stein expects that after the law is passed, "stablecoins will evolve from being a means of cash for cryptocurrency to a means of cash for the internet."

The Senate will hold its final vote on the GENIUS Act for stablecoins at 4:30 PM Eastern Time, marking the final vote before the legislation moves to the House of Representatives.