Senate Passes Stablecoin Bill, Paving Way for House Consideration

The Senate approved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on June 17, 2025, with a vote of 51-23, sending it to the House. Senator Bill Hagerty, the bill's lead sponsor, highlighted its role in establishing a regulatory framework for payment stablecoins, aiming to bolster US-dollar dominance, protect customers, and increase demand for US Treasuries. The GENIUS Act mandates reserves backed by short-dated US Treasuries or insured deposits, with federal charters required for entities exceeding $10 billion in liabilities. Treasury Secretary Scott Bessent believes the reserve mandate could draw private demand toward Treasury bills. (Source: CryptoSlate, June 17, 2025)