Senate Passes GENIUS Act 68-30 for US Stablecoin Regulation

David Sacks, the former White House Crypto and AI Czar, has hailed the passage of the GENIUS Act as a significant victory for the crypto community. The legislation, formally known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS) Act, was approved by the United States Senate with a vote of 68–30, demonstrating strong bipartisan support. The bill aims to establish a comprehensive federal framework for U.S. dollar-denominated stablecoins, a move that could reshape the global crypto landscape.

The GENIUS Act's journey through the legislative process has been marked by optimism and debate. Republican Tennessee Senator Bill Hagerty, who introduced the bill, celebrated the Senate's approval, stating that the United States is now one step closer to becoming the global leader in crypto. However, not all lawmakers are convinced. Senator Elizabeth Warren, a known crypto-skeptic, expressed concerns about potential loopholes for foreign tokens and the bill's lack of address to concerns around Trump’s crypto ties. Despite these reservations, supporters within the Democratic Party emphasized the importance of taking action.

The GENIUS Act is now set to move to the House, where Republicans hold a slim majority. David Sacks has expressed optimism about the bill's prospects, indicating that President Donald Trump is likely to sign it into law if it passes the House. The legislation is slightly ahead in the process compared to the House's Digital Asset Market Clarity Act, which provides a broader framework for the crypto market. The GENIUS Act's passage through the Senate is seen as a significant milestone, as it is the first major crypto-related legislation to clear this hurdle.

If approved, the GENIUS Act will bring the $250 billion offshore stablecoin market under U.S. regulation. This move could potentially reshape the global crypto landscape, marking a milestone victory for stablecoins and the broader crypto community. The bill's supporters are hopeful that the slim Republican majority in the House will be enough to push it through, paving the way for a comprehensive federal framework for U.S. dollar-denominated stablecoins.