#GENIUSActPass The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) was recently passed by the U.S. Senate on June 17, 2025. Here's a breakdown:
đ What it does
Implements the first federal regulatory framework for stablecoins (cryptocurrencies pegged to assets like the U.S. dollar)
Requires fully-backed liquid reserves (e.g., U.S. dollars or Treasury bills) and regular audits
Introduces consumer protections, anti-money-laundering compliance, and national security measures
Bars executive-branch officials and lawmakers from issuing stablecoins to avoid conflicts of interest (though critics note the President and family are not restricted)
â Senate Vote
Passed 68â30 with strong bipartisan support (18 Democrats voted yes alongside most Republicans)
đ¤ Why it's significant
This marks the first time ever the Senate has approved major crypto legislation, a milestone for digital asset regulation
Viewed as a major win for the crypto industry, offering greater clarity and legitimacy for stablecoin-based payments
đ What happens next
The bill must now pass the U.S. House of Representatives, where a companion bill called the STABLE Act is also under consideration
If both chambers pass similar versions, the bill will move to President Trumpâs desk for signing into law before the August recess
đ¨ Points of Controversy
Some Democrats, including Sen. Elizabeth Warren, opposed it due to insufficient consumer protections and failure to fully address conflicts of interest involving President Trumpâs crypto ventures
Concerns remain over possible regulatory loopholes and foreign stablecoin issuers
In summary: The Senateâs passage of the GENIUS Act on June 17, 2025 marks a historic step in U.S. crypto policyâestablishing regulatory guardrails for stablecoins. It now moves to the House for completion before heading to the President.