After intense debates in the Senate, the GENIUS bill managed to overcome a procedural motion this week with a significant majority of 66 votes in favor and 32 against. This unprecedented consensus in the American political framework regarding the regulation of digital assets has been celebrated by the industry as a key advancement that could mark a turning point in the adoption of crypto assets.
The next step for the project is to move towards a final vote in the full Senate. If it achieves the necessary majority at this stage, the initiative will pass to the House of Representatives for review and eventual approval. Once both chambers of Congress give their approval, the proposal will be sent to the President of the United States for his signature, at which point it will become law.
The GENIUS law seeks to establish a regulatory framework that provides the clarity, security, and confidence that have been lacking in recent years in the stablecoin sector in the United States and that have hindered its growth, especially amid prolonged confrontations with agencies such as the SEC.
Such a proposal holds that issuers of stablecoins backed by the US dollar (USD) and with assets exceeding USD 10 billion will be under the direct supervision of the Federal Reserve, while smaller issuers will be subject to state regulations. Moreover, it demands rigorous transparency through audited monthly reports on asset reserves, with criminal penalties for those who present false information.
Currently, the global stablecoin market represents USD 248 billion and the asset that leads most of this sector is tether (USDT), which tracks the price of the US dollar. This currency has a market capitalization of USD 152 billion.