Senate Advances Stablecoin Bill, Exempts Trump Family Holdings

The U.S. Senate is set to vote on the GENIUS Act on June 17, 2025, a landmark bipartisan bill that would create the first federal regulatory framework for stablecoins. However, the legislation excludes President Donald Trump and his family from new restrictions on crypto investments.

In a 53–47 vote, the Senate advanced the bill to a final vote, with 18 Democrats joining Republicans in support. The GENIUS Act, short for “Guiding and Establishing National Innovation for U.S. Stablecoins,” already cleared a key procedural hurdle last week with a 68–30 margin. It now heads to the House, where lawmakers may introduce amendments on broader market reforms.

Trump Family Gets Special Treatment

A key provision prohibits members of Congress and their families from profiting off stablecoins. However, the bill does not apply that same restriction to the president and immediate family members. That omission sparked backlash, as President Trump’s family holds a large stake in World Liberty Financial, the issuer of the new USD1 stablecoin. Previously, Trump hosted a private dinner for 220 of the top $TRUMP memecoin holders, which drew massive protests.

Democratic reactions were split. Maryland Senator Angela Alsobrooks acknowledged the bill didn’t resolve every issue but praised its bipartisan foundation. In contrast, Senator Elizabeth Warren criticized the exemption, warning it creates a “super highway” for presidential conflicts of interest and gives tech firms too much freedom to issue stablecoins without proper oversight.

Related: Coinbase’s Top Policy Exec Breaks Down What the GENIUS Act Really Means

Broader Outlook

Despite the controversy, industry leaders and government officials are optimistic about the bill’s impact. Senate Banking Committee Chair Tim Scott (R-S.C.) called the GENIUS Act “the most significant digital assets legislation ever to pass the U.S. Senate.”

Treasury Secretary Scott Bessent also supports the legislation, projecting it could push the U.S. stablecoin market past $2 trillion by 2028. 

I believe that stablecoin legislation backed by U.S. treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world,

Bessent said.

If passed, the bill would bring federal consistency to stablecoin regulation. Currently, individual states oversee the sector with different approaches. Previous proposals, including the Lummis-Gillibrand Payment Stablecoin Act, helped shape the final language.