17.06.2025 22:40
The United States Senate overwhelmingly approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a landmark piece of legislation shaping the future of digital finance. The 68-30 vote marks the first comprehensive federal framework for fiat-backed stablecoins, establishing clear rules and regulations for this rapidly growing sector. Spearheaded by Senator Bill Hagerty and enjoying bipartisan support from Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, the act, officially titled "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025," signifies a significant step towards regulatory clarity in the cryptocurrency landscape.
This comprehensive bill imposes stringent regulations on payment stablecoins, mandating a 1:1 backing by U.S. dollars, along with regular disclosures, independent audits, and clear licensing requirements at the federal or state level. Crucially, it explicitly prohibits algorithmic stablecoins and severely restricts practices like rehypothecation and the commingling of reserves, ensuring financial stability and protecting consumers. Furthermore, the GENIUS Act modifies existing securities laws, explicitly exempting compliant stablecoins from Securities and Exchange Commission (SEC) jurisdiction.
Beyond its immediate impact on stablecoins, this legislation is viewed by many Bitcoin advocates as a pivotal victory. Stablecoins serve as critical bridges facilitating access to the Bitcoin ecosystem, enabling smoother on-ramps, more efficient settlements, and greater institutional participation. By creating a robust regulatory environment for stablecoins, the U.S. inadvertently strengthens the infrastructure supporting Bitcoin transactions and adoption. This enhanced infrastructure could play a vital role in attracting new Bitcoin users, particularly in international markets and among corporate treasuries seeking modern, secure financial tools.
The GENIUS Act’s passage has drawn enthusiastic praise. David Sacks, President Donald Trump’s AI & Crypto Czar, hailed the legislation as a triumph, emphasizing its potential to enhance consumer protection, foster regulatory clarity, and solidify the U.S. dollar's online dominance. He attributed the success to President Trump's leadership on cryptocurrency issues and Senator Hagerty's legislative efforts. The act's passage signals a significant shift in the U.S.'s approach to digital assets and positions the country as a global leader in the burgeoning cryptocurrency industry, achieved through a proactive and carefully considered regulatory framework obtained from internet sources.
