18.06.2025 06:00
The US Senate overwhelmingly approved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, marking a significant step towards federal regulation of the burgeoning stablecoin market. The 68-30 vote on June 17th signals a bipartisan consensus on the need for oversight in this rapidly expanding sector of the digital economy. Supporters hailed the bill as a crucial step towards protecting consumers while fostering responsible innovation within the cryptocurrency space.
Senator Kirsten Gillibrand, a key sponsor, celebrated the passage, emphasizing the bill's potential to safeguard consumers, encourage responsible technological advancement, and maintain the US dollar's global dominance. However, the GENIUS Act's journey to becoming law is far from over; it now faces the hurdle of securing approval in the Republican-controlled House of Representatives. Should it succeed there, the bill would establish the first federal regulations for dollar-pegged stablecoins in the United States.
Initially introduced by Senator Bill Hagerty in February, the bill aims to regulate a market valued at an estimated $260 billion. Following the Senate vote, Senator Hagerty expressed optimism, portraying the act as a pivotal moment for American innovation, propelling the nation into the digital age. He further argued that the bill represents a crucial first step in solidifying the US dollar's position as the world's leading currency. Hagerty highlighted the potential for increased efficiency and reduced costs within payment systems through blockchain-based transactions.
Treasury Secretary Scott Bessent also voiced strong support, predicting that the legislation – particularly the use of US Treasuries or T-bills in backing stablecoins – will significantly expand the global use of the US dollar. Adding to the celebratory mood, Senator Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, declared the day historic, noting the careful consideration given to numerous amendments during the legislative process, before the final vote. The bill’s journey through the legislative process highlights the complex balancing act between promoting technological advancement and ensuring consumer protection within the rapidly evolving world of digital finance. Information sourced from internet reports.
