#GENIUSActPass GENIUS Act Passes Senate, Marking Historic Step for Stablecoin Regulation

On June 17, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a bipartisan 68-30 vote, a landmark moment for cryptocurrency regulation. Introduced by Senator Bill Hagerty, the bill establishes a federal framework for stablecoins, dollar-pegged digital assets, aiming to protect consumers, ensure market integrity, and bolster U.S. financial dominance. Key provisions mandate 1:1 reserve backing, anti-money laundering measures, and strict licensing for issuers, potentially mainstreaming stablecoins in payments and finance.

Supporters, including Senator Cynthia Lummis, hailed the act as a consumer protection win, projecting a $3.7 trillion stablecoin market by 2030. Industry leaders like Circle’s CEO Jeremy Allaire called it a “genius” move. However, critics, led by Senator Elizabeth Warren, raised concerns about insufficient anti-corruption safeguards, particularly regarding potential conflicts of interest tied to President Trump’s crypto ventures. The bill now heads to the House, where it faces scrutiny and possible revisions, with the STABLE Act as a competing proposal. While a major victory for the crypto industry, the GENIUS Act’s final fate remains uncertain as debates over systemic risks and ethics continue.