The U.S. Senate has passed the Guiding and Establishing National innovation for U.S. Stablecoins of 2025 Act (GENIUS Act) by a vote of 68-30, moving the stablecoin legislation closer to reality. The bill aims to establish a regulatory framework for stablecoins, a type of cryptocurrency pegged to a stable asset like the U.S. dollar.
Sen.Tim Scott, R-S.C., chairman of the Senate Banking committee, hailed the passage as a “bold step forward” for financial innovation, consumer protection, and economic opportunity. Rep. French Hill, R-Ariz., chairman of the House Committee on Financial Services, also expressed optimism, stating that the bill would bring “much-needed clarity and protections to the digital asset ecosystem.”
The GENIUS Act now heads to the House of Representatives for consideration. If passed by the House and signed into law by president Donald Trump, who has called himself America’s first “crypto president,” it would establish the first federal regulatory framework for digital currencies in the U.S.
The bill must clear the House before the August recess.Passage would have global implications for dollar-backed digital currencies and the growing institutional embrace of blockchain infrastructure.
