#GENIUSActPass Senate passes GENIUS Act stablecoin legislation
The U.S. Senate has passed the GENIUS Act, making it the first stablecoin legislation approved by either chamber of Congress. The bill passed with a 68-30 vote, mirroring last week’s procedural vote. While 18 Democrats supported the bill again, Senator Mark Kelly abstained this time, and Senator Jon Ossoff voted in favor.
The House must still pass its own version—the STABLE Act—which differs significantly. If the two chambers can reconcile the differences, this would mark a major step forward in regulating stablecoins, offering long-awaited clarity to the sector.
The bill’s momentum is already influencing markets. Circle’s IPO, a major stablecoin issuer, surged to $150 after debuting at $31, and companies like Amazon, Walmart, DTCC, and potentially Apple, Google, Airbnb, and X are exploring issuing or adopting stablecoins.
With around 97% of stablecoins pegged to the U.S. dollar, the legislation is seen as reinforcing dollar dominance. Senator Cynthia Lummis called the vote “a critical step” toward ensuring the dollar’s leadership in digital finance, emphasizing the need for broader crypto market structure laws covering exchanges, custodians, and token issuance.
However, merging the STABLE Act with the CLARITY Act—the House’s broader crypto regulation bill—could slow Senate progress.
Industry leaders praised the development. EY’s blockchain head Paul Brody said stablecoins will “bring consumers, investors, and enterprises on-chain,” calling this “the starting line, not the finish line.”
Still, some traditional banks remain wary, viewing stablecoins as a threat to deposits. JP Morgan’s launch of its JPMD deposit token on a public blockchain—timed with the Senate vote—reflects the shifting financial landscape.
