The US Stablecoin Bill (GENIUS Act) was officially passed in the US Senate this morning (6/18), but the final version of the bill did not include amendments from Democrats regarding the Trump family's conflicts of interest. The bill will now be sent to the House of Representatives for review. Treasury Secretary Scott Bessent also stated at the same time that the stablecoin market will reach a 'trillion-dollar' scale, and the market is watching whether tech giants like Apple, Google, and Meta will seize the opportunity to issue their own stablecoins.
The bill is ready to move to the House of Representatives, but the Trump provisions were not included.
The Stablecoin Bill (GENIUS Act) was overwhelmingly passed in the Senate by a vote of 68 to 30 and will now be passed to the House for review.
Democrats have repeatedly called for amendments to investigate the relationship between Trump and the stablecoin USD1 issued by the cryptocurrency project World Liberty Financial, but the relevant provisions were ultimately not included in the bill.
Although the Republicans have a slight advantage in the House of Representatives, the close relationship between Trump and the cryptocurrency industry may lead Democrats to propose amendments again.
The image shows the passing of the (GENIUS Act) bill in the Senate, while the (CLARITY Act) is under review in the House, with Trump's involvement in cryptocurrency interests still in focus.
In addition to the (GENIUS Act), the market structure bill (CLARITY Act), which aims to establish clear regulations for the cryptocurrency market, has been voted on and passed by the House Agriculture Committee and the Financial Services Committee, and is expected to enter the final vote soon.
However, Democrats still hold on to the point of 'Trump's relationship with the cryptocurrency industry,' believing that relevant legislation needs to be added for checks and balances.
(The US (GENIUS Act) comprehensively regulates payment-type stablecoins: issuance thresholds, reserve standards, and regulatory systems are all covered.)
Corporate giants are entering the stablecoin market, and the Treasury Secretary states that the scale will reach $3.7 trillion.
Once the (GENIUS Act) is legislated, many technology, retail, and financial institutions are expected to issue their own stablecoins to share in this lucrative market.
According to reports, Apple, Google, Twitter (X), and Airbnb are closely following the progress of the bill, while well-known retail companies such as Walmart and Amazon have also revealed plans to issue their own stablecoins.
Treasury Secretary Scott Bessent also posted a statement:
By 2030, the stablecoin market size could reach $3.7 trillion. The passage of the (GENIUS Act) will further realize this goal!
(The Wall Street Journal: Amazon and Walmart plan to issue their own stablecoins)
This article reports that the Stablecoin Bill (GENIUS Act) is advancing to the House of Representatives! Treasury Secretary Bessent: The market size will reach $3.7 trillion by 2030, first appearing in Chain News ABMedia.
