The United States Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with bipartisan support on Tuesday, June 17, 2025. The bill, approved by a 68-30 vote, now advances to the House of Representatives, where it is expected to receive similar support.This legislation represents the first major federal effort to regulate stablecoins in the United States, laying the groundwork for the mainstream adoption of a digital dollar.

Bipartisan Momentum Behind Crypto Regulation

Senator Tim Scott, one of the key backers of the bill, remarked,

“With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people.”

The Donald Trump administration has made digital assets a cornerstone of its economic innovation strategy. The White House has emphasized that clear regulations for stablecoins are critical to long-term financial security and technological leadership in the global economy.

GENIUS Act: A Win for Treasury, Fintech, and Consumers

U.S. Treasury Secretary Scott Bessent hailed the GENIUS Act as a “win-win” for all parties involved—from private fintech firms to government finance leaders and consumers. He predicted the stablecoin sector could reach $3.7 trillion by 2030.

“A thriving stablecoin ecosystem will drive demand from the private sector for U.S. Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt,” Bessent stated.

JPMorgan Joins the Stablecoin Race

In a bold move signaling growing institutional confidence in stablecoins, JPMorgan launched its stablecoin, JPMD, on Ethereum’s Layer 2 Base chain, which Coinbase Global backs. This deployment marks one of the first major stablecoin initiatives by a traditional financial institution in compliance with emerging U.S. regulations.

What’s Next for the GENIUS Act?

The bill will now move to the U.S. House of Representatives, where expectations are high for a swift passage, given the strong bipartisan support. If approved, it will be signed into law by President Donald Trump, bringing federal oversight to a sector that has operated in legal ambiguity for years.

The GENIUS Act aims to boost investor confidence, accelerate innovation, and solidify the U.S.’s role as a global leader in financial technology.

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