The Senate Approves the GENIUS Act for Regulating Stablecoins; Ripple's CEO Calls it a Victory

The U.S. Senate has approved the GENIUS Act, a landmark bill that establishes a regulatory foundation for stable payment currencies. This step represents a significant shift in the oversight of digital assets, as lawmakers seek to provide clarity in the cryptocurrency sector.

With broad bipartisan support, the bill aims to protect consumers while enhancing national security measures related to digital finance.

This legislation reflects months of negotiations involving lawmakers, industry experts, and regulatory authorities. With the bill referred to the House of Representatives, it enables the United States to lead the global regulation of stablecoins.

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●▪︎ The GENIUS Act is Bipartisan in the Senate

The Senate passed the National Innovation Guidance and Establishment Act for American Stable Payment Currencies (GENIUS) after bipartisan negotiations led by Senator Tim Scott from South Carolina.

Co-sponsored by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, the bill is the first of its kind targeting stablecoins for direct payment. The Senate Banking Committee approved the bill in March after reviewing nearly