#GENIUSActPass According to Cointelegraph, the U.S. Stablecoin Innovation Act, or the GENIUS Act, has come close to becoming law following a significant vote in the U.S. Senate. On Tuesday, the Senate passed an amended version of the bill with a vote of 68-30, approximately six weeks after it was introduced by Tennessee Senator Bill Hagerty. The complementary bill, the STABLE Act, is expected to be considered next in the House of Representatives, where it may face further amendments.
Senator Hagerty expressed optimism about the potential impact of the bill, stating that it positions the United States as a global leader in cryptocurrencies. He emphasized that the GENIUS Act would allow businesses and individuals to make payments almost instantly, a significant improvement over the current system which can take days or even weeks. The bill initially faced challenges, failing a closure vote in May due to Democratic opposition linked to U.S. President Donald Trump's ties to the cryptocurrency sector. The Trump family has a substantial interest in World Liberty Financial, which launched its own stablecoin USD1 earlier this year.
The future of stablecoin legislation remains uncertain in the House, where Republicans hold a narrow majority. President Trump's AI and cryptocurrency advisor, David Sacks, indicated in May that the president would support the bill if passed by a Republican-led Congress. If stablecoins are integrated into a U.S. regulatory framework, it could pave the way for companies to issue their own tokens. Large corporations like Apple, Google, and Airbnb are exploring this possibility, while two U.S. Senators have questioned whether Meta could follow suit if the bill is enacted.
Treasury Secretary Scott Bessent highlighted the potential growth of the stablecoin market, projecting it could reach $3.7 trillion by the end of the decade, contingent on the approval of the GENIUS Act. Meanwhile, the House is also considering the CLARITY Act, which aims to establish clear market structure rules for digital assets. This legislation has passed through key committees and awaits a vote in the full chamber, although it faces resistance from some Democrats concerned about President Trump's cryptocurrency connections.
Bartlett Naylor, a financial policy advocate from Public Citizen, criticized the legislative efforts, arguing that they overlook what he describes as significant conflicts of interest involving Trump in the cryptocurrency industry. Naylor argues that these bills could legitimize questionable practices under the guise of national interest, raising concerns about potential corruption.
