US Senate Passes GENIUS Stablecoin Bill, House Vote Up Next

The GENIUS bill, short for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, was passed by the Senate in a 68–30 vote after months of bipartisan negotiations. The bill aims to establish a regulatory framework for issuing and classifying US dollar-pegged stablecoins as an asset class. 

Proposed by Senator Bill Hagerty, the GENIUS Act intends to help integrate stablecoins into the U.S. economy and promote crypto-friendly regulations. According to Hagerty, the bill will support digital asset innovation in the United States.

A Step Closer to Becoming Law

With Senate approval secured, the bill now heads to the House of Representatives, which will review it and decide whether to send it to President Trump’s desk for final approval. In the coming months, the House is expected to pass market structure legislation that clearly defines the line between securities and commodities and establishes a path for registration.

U.S. Treasury Secretary Scott Bessent championed the bill, highlighting projections that a regulated stablecoin market could grow to nearly $4 trillion. According to Bessent, the GENIUS Act makes this scenario more likely. He believes stablecoins could benefit the U.S. economy by lowering government borrowing costs, helping reduce the national debt, and bringing millions of new users into the dollar-based digital economy.

As the first major piece of financial legislation in crypto, the GENIUS Act marks an important moment in history and aligns with Donald Trump’s vision of making the US a global crypto hub.

Concerns Over the GENIUS Act 

The GENIUS Act has faced strong opposition, with critics raising concerns about consumer protection and the involvement of big tech companies. Senator Elizabeth Warren wrote on X that a major loophole in the bill could allow companies and founders like Jeff Bezos and Elon Musk to launch stablecoins that track consumer purchases.

Previously, in May, the bill failed to advance in the Senate as lawmakers expressed concern over the Trump family’s involvement in the crypto industry, including the TRUMP and MELANIA coins. The bill's eventual passage, however, indicates that these concerns were addressed through negotiated amendments, allowing it to secure the necessary bipartisan support.