On June 17, 2025, the US Senate passed an amended version of the GENIUS Act, a bill designed to establish a regulatory framework for stablecoins. This move brings the US closer to potentially becoming a global leader in the cryptocurrency space. The vote was 68-30, reflecting significant support for the legislation.
The GENIUS Act, introduced by Senator Bill Hagerty, aims to enable businesses and individuals to settle payments almost instantly. The bill's companion, the STABLE Act, may now be considered by the House of Representatives. This could lead to further amendments.
The bill faced initial opposition in May due to concerns over former President Donald Trump's ties to the crypto industry. Trump's family has a stake in a company that issued a USD1 stablecoin. Treasury Secretary Scott Bessent noted that stablecoins could grow into a $3.7 trillion market by the end of the decade.
The CLARITY Act, which aims to establish market structure rules for digital assets, is also progressing. Versions of the bill passed through House committees last week. However, it faces similar opposition from some Democrats. Consumer advocacy groups have criticized the legislation, alleging it legitimizes potential scams.