🗓 June 18, 2025 – The U.S. Senate has passed the bipartisan GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) in a commanding 68–30 vote, marking the first major cryptocurrency bill to clear the Senate .
🏛 Key Provisions of the GENIUS Act:
Requires U.S.-dollar-pegged stablecoins to be 1:1 backed by liquid reserves—like U.S. dollars or Treasury bills—and monthly reserve disclosures .
Issuers will be regulated by qualified federal or state institutions, with new consumer protections and transparency mandates .
Ownership restrictions ban members of Congress and executive officials from owning stablecoins—though Presidential family members are exempt, drawing criticism .
📈 Market & Ecosystem Reactions:
Circle (USDC issuer) saw its stock jump ~16–18%, trading around $161–173, riding the wave of legislative optimism .
Experts say this sets a clearer regulatory environment, paving the way for widespread corporate stablecoin adoption and bolstering confidence in digital payments infrastructure .
🔜 What’s Next?
The bill now moves to the House of Representatives, which may amend it or combine it with broader crypto market legislation like the Digital Asset Market Clarity Act .
If passed, it will go to President Trump, who is expected to approve it before Congress recesses in early August .
⚠️ Points of Contention:
Some Democrats, including Elizabeth Warren, argue that the bill doesn’t go far enough—especially in excluding the President from asset restrictions and allowing potential conflicts tied to President Trump’s own crypto ventures .
Concerns linger over foreign stablecoin issuers and whether the regulatory guardrails fully cover risky reserve practices .
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🔍 Final Take:
The GENIUS Act is a watershed moment for U.S. crypto policy—it finally introduces framework and legitimacy for stablecoins. With Senate passage complete, all eyes turn to the House. If approved and signed into law, this could redefine the regulatory landscape, opening firm ground for stablecoins in mainstream finance while offering fresh momentum for crypto markets.
