Washington, D.C., June 17, 2025 – In a landmark move for digital assets, the U.S. Senate today approved the bipartisan GENIUS Act, a pioneering stablecoin regulation bill passed with a resounding 68–30 vote. The bill now heads to the House, where GOP leaders are pushing for swift action before Congress’s August recess.
🔍 What the GENIUS Act Covers
Stablecoin backing: Mandates that stablecoin issuers hold safe, liquid reserves—such as U.S. dollars or Treasury bills—to match every token issued.
Consumer protections & AML compliance: Requires issuers to maintain anti-money-laundering compliance, undergo regular audits, and disclose reserve details monthly .
Limiting political profiteering: Bans members of Congress and executive officials from issuing stablecoins—but notably exempts the President and his family.
💬 Voices from the Hill
Sen. John Sacks (R) praised the bill as a crucial step in cementing the U.S. dollar’s supremacy in the evolving digital money landscape, calling it “paradigm-shifting” in global financial systems .
Treasury Secretary Scott Bessent, speaking ahead of the vote, said the bill could help stablecoins “grow into a $3.7 trillion market by the end of the decade” —highlighting optimism for explosive sector growth.
From the industry, Coinbase CEO Brian Armstrong and other crypto leaders celebrated the move. Armstrong pointed out it lays the groundwork for bringing digital assets into the regulatory mainstream.
⚠️ Critics Raise Concerns
While hailed as a victory, the bill sparked sharp criticism from progressive voices:
Sen. Elizabeth Warren (D-MA) warned it creates a “super‑highway” for corruption and allows Big Tech to dominate the market.
Sen. Jeff Merkley (D-OR) lamented that it “stamps a Congressional seal of approval on President Trump selling access to the government for personal profit”.
Several Democrats expressed unease that the bill insufficiently addresses Trump’s crypto interests, including profits from his family’s World Liberty Financial stablecoin.
🌍 Industry Implications
The global stablecoin market currently stands around $240 billion, dominated by U.S.-based USDC and offshore USDT—worth $155 bn and $61.6 bn respectively barrons.com. The GENIUS Act is widely seen as a signal to:
Propel Circle’s USDC forward as the industry’s top U.S.-regulated stablecoin.
Deter foreign-based players like Tether by imposing stricter reserve and audit standards.
Encourage engagement from financiers such as Visa, Mastercard, Amazon, and Walmart, who have been exploring stablecoin deployment.
📅 Next Steps
The bill now moves to the House, with momentum for passage before the August recess.
House Republicans may attempt to expand it with broader crypto reforms, including curbs on SEC authority—a move analysts warn could delay final approval until 2026.
Even after House action, it must cross President Trump’s desk. The president has publicly urged for swift signature ahead of the summer break .
📝 Bottom Line
The Senate’s passage of the GENIUS Act marks a major milestone for digital assets in the U.S., delivering long-sought regulatory clarity. By safeguarding reserve integrity and consumer protections, it lays the groundwork for a stablecoin-led boom—potentially transforming a niche market into a $3.7 trillion powerhouse. As the legislative process continues, key questions remain about conflict-of-interest safeguards and control over the crypto landscape.
