The Senate approves the GENIUS bill on stablecoins, granting the cryptocurrency industry its first significant legislative victory
The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting sweeping authority to the Department of Treasury and opening the door to banks, fintechs, and retailers.
Democrats failed to secure a provision that would prohibit the president from profiting, even as Trump revealed he made $57 million in token sales alone in 2024.
Reportedly, industry giants like Amazon and Walmart are moving towards stablecoin-style offerings as payment networks prepare for disruption.
The Senate passed the GENIUS Act on Tuesday, a historic bill that for the first time establishes federal limits for US dollar-pegged stablecoins and creates a regulated pathway for private companies to issue digital dollars with the blessing of the federal government.
The bill passed with a 68-30 vote.
It is a historic day for the cryptocurrency industry, which invested around $250 million in the 2024 cycle to elect what is now considered the most pro-crypto Congress in U.S. history, and for President Donald Trump’s sprawling digital asset empire.
“The GENIUS Act will protect consumers, allow for responsible innovation, and safeguard the dominance of the US dollar,” said Senator Kirsten Gillibrand, a Democrat from New York and one of the bill's sponsors, in a statement.
The GENIUS Act, short for the National Guiding and Establishing Innovation Act for US Stablecoins, sets limits for the industry, including full reserve backing, monthly audits, and compliance with anti-money laundering regulations
