#GENIUSActPass

Senate Passes GENIUS Act in Landmark Vote

The U.S. Senate passed the GENIUS Act on June 17, 2025, with a 68-30 bipartisan vote, marking the first major crypto legislation to clear the chamber. The bill establishes federal oversight for stablecoin issuers, requiring 1:1 reserve backing, monthly audits, and AML compliance.

Key Provisions & Controversies

The bill grants the Treasury Department sweeping authority, allows banks and fintechs to issue stablecoins, and restricts tech giants like Amazon unless they partner with regulated entities.

Democrats failed to close a loophole allowing President Trump to profit from his crypto ventures, including World Liberty Financial, which earned him $57M in 2024.

Next Steps: House Hurdles

The bill now moves to the House, which must reconcile it with its own STABLE Act.

Differences include regulatory oversight (Treasury vs. Fed/OCC) and disclosure rules. Republicans aim for passage before the August recess, but delays are possible.

Industry & Global Impact Major banks (JPMorgan, BofA) and firms like Circle (USDC issuer) welcomed the clarity.

The act aims to bolster U.S. dollar dominance against rivals like the EU’s MiCA framework . Critics warn of systemic risks, including bank deposit flight and illicit finance concerns .

Final Outlook

If signed by Trump, the law could take effect by summer 2025, reshaping crypto regulation.