12.06.2025 10:56
The United States Senate has achieved a significant milestone in cryptocurrency regulation, initiating the final approval process for its first major crypto bill. Wednesday's procedural vote, resulting in a decisive 68-30 victory, cleared a substantial hurdle, paving the way for the bill's passage. This landmark achievement represents a major win for the cryptocurrency industry, marking a considerable shift in the Senate's historically cautious approach to digital assets.
Demonstrating broad bipartisan support, the Senate is poised to finalize this legislation. Simultaneously, the House of Representatives has also advanced two crucial bills aimed at enhancing the regulatory framework for crypto markets, demonstrating a coordinated legislative effort across both chambers of Congress. The House's progress focuses on the Digital Asset Market Clarity Act, a comprehensive piece of legislation designed to provide clear regulatory guidelines for the entire cryptocurrency market in the U.S.
Meanwhile, the Senate's progress centers on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act. This extensively revised bill, having already secured bipartisan backing in several procedural votes, is now on a trajectory towards final approval. The Senate's 60-vote threshold for advancement was easily surpassed, with numerous Democrats joining Republicans in supporting the bill’s progress towards stablecoin regulation. The GENIUS Act intends to create a regulatory framework for stablecoin issuance in the U.S., allowing oversight by either state or federal authorities while still permitting non-financial entities to issue their own stablecoins, a provision that has drawn some Democratic criticism.
This legislation addresses a critical need within the cryptocurrency ecosystem. Dollar-pegged stablecoins, such as those issued by Circle and Tether, are integral to the functioning of crypto markets, frequently facilitating transactions and smart contracts. The previous legislative session saw the Senate Banking Committee, then under Democratic control, obstruct the advancement of crypto legislation. However, under the current Republican chairman, Senator Tim Scott, a more favorable climate for cryptocurrency regulation has emerged.
