🇺🇸 Senate Passes Groundbreaking Stablecoin Bill—Will the House Follow?
In a major step toward regulating crypto in the U.S., the Senate has passed the GENIUS Act, a bill that sets clear rules for U.S. dollar-backed stablecoins. Backed by both Republicans and Democrats, the bill requires stablecoins to be fully backed by cash or liquid assets, mandates yearly audits for big issuers, and gives stablecoin holders first dibs in bankruptcy cases. Big tech firms like Meta and Amazon will face strict rules if they want to get into stablecoin issuance. The Senate’s 68–30 vote is a major win for President Trump, who’s pushing hard for crypto regulation 🏛️💰.
The GENIUS Act comes at a time when the stablecoin market could hit $3.7 trillion by 2030, according to the U.S. Treasury. While the bill puts the U.S. on track to lead the global crypto scene, not everyone is cheering. Democrats raised concerns about foreign crypto issuers, money laundering risks, and conflicts of interest linked to Trump’s ties with World Liberty Financial, a firm rumored to launch its own stablecoin. Despite these debates, Coinbase’s legal chief called the Senate vote a “fever dream come true” 🌐🔥.
Now, all eyes are on the House of Representatives. Lawmakers there must decide whether to support their own bill or adopt the GENIUS Act. There’s also chatter about combining this bill with broader crypto regulations, but that could complicate things. Trump is eager to sign stablecoin legislation by August, and his administration has already thrown its weight behind GENIUS. If the House moves quickly, the U.S. could soon have its first full-fledged federal crypto law 🧾🚀.