#GENIUSActPass

U.S. Senate Passes GENIUS Act, Paving the Way for Stablecoin Regulation

On June 17, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a bipartisan vote of 68–30, marking a significant step toward establishing a federal regulatory framework for stablecoins. The legislation mandates that stablecoins be backed one-to-one by liquid assets such as U.S. dollars or short-term Treasury bills, requires issuers to comply with anti-money laundering regulations, and subjects large issuers to financial audits .

The bill’s passage reflects growing institutional interest in stablecoins, with major companies like Visa, Mastercard, Amazon, and Walmart reportedly exploring stablecoin issuance . Proponents argue that the GENIUS Act will enhance consumer protections, promote financial innovation, and position the U.S. as a leader in the digital asset space. Treasury Secretary Scott Bessent has suggested that the stablecoin market could grow into a $3.7 trillion industry by the end of the decade.

However, the legislation has faced criticism for not addressing potential conflicts of interest, particularly concerning President Trump’s financial ties to the crypto industry. The bill prohibits members of Congress and their families from profiting off stablecoins but does not extend this restriction to the president and his family. The GENIUS Act now moves to the House of Representatives for consideration, where it may undergo further revisions before potentially being signed into law.