#GENIUSActPass The GENIUS Act could strengthen the power of the dollar and write a "rulebook" for the global financial system

After overcoming a key procedural vote, the GENIUS Act faces a final decision in the Senate before moving to the House of Representatives. The Act to Guide and Establish National Innovation for U.S. Stablecoins, known as the GENIUS Act, now faces a key vote in the U.S. Congress, with significant implications for the cryptocurrency industry.

If the U.S. Senate, the upper chamber of the country's Congress, approves the GENIUS Act on Tuesday, it would bring the country one step closer to regulating stablecoins, achieving a major victory for the crypto industry and for the Trump administration, which supports the legislation. The next step for the bill is the House of Representatives, where it will undergo additional scrutiny from lawmakers.

The Senate voted 68-30 to advance the bill on June 11, opening the GENIUS Act to amendments before a final vote. Several Democrats joined the majority of Republicans to win the closure vote, with some echoing U.S. President Donald Trump's desire to make the country "the crypto capital of the planet."

Before the vote, voices from the industry expressed a hopeful outlook. Coinbase's legal director, Paul Grewal, expressed a positive tone on X prior to the vote, highlighting its potential to provide regulatory clarity. However, not everyone agrees.