After a roll call vote, the U.S. Senate voted 68 to 30 in favor of the approval of the GENIUS Act. This becomes the first major cryptocurrency legislation to be approved in the upper chamber.
The final vote for the approval of the stablecoin bill took place today. With the support of these senators, the bill will move to the U.S. House of Representatives, where it will undergo a similar debate process.
If the U.S. House of Representatives approves the bill, it will be sent to the White House for consideration by President Donald Trump. The White House has already urged Congress to pass the GENIUS and CLARITY Acts before lawmakers go on recess in July.
Meanwhile, the stablecoin bill, along with the Market Structure bill, could become the first significant regulatory frameworks for the cryptocurrency industry. The GENIUS Act, in particular, seeks to regulate the stablecoin industry. Stablecoin issuers will be required to back them 1:1 with cash or short-term U.S. Treasury bonds.
In a recent post on X, Treasury Secretary Scott Bessent reaffirmed his support for the GENIUS Act. He highlighted projections that stablecoins could reach a market value of $3.7 trillion by the end of the decade. Bessent added that this scenario becomes more likely with the passage of the law.
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