U.S. Senate to vote on Genius Act, the stablecoin bill

U.S. Senate to vote on Genius Act, the stablecoin bill

The U.S. Senate is set to vote on the GENIUS Act, a significant piece of legislation aimed at regulating stablecoins, on June 17, 2025. The GENIUS Act, also known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, seeks to provide legal clarity for stablecoins by mandating specific rules for issuers.

If passed, the bill would require stablecoin providers to fully back their tokens with U.S. dollars or other liquid assets. Additionally, companies issuing more than $50 billion worth of stablecoins would be subject to yearly audits. Foreign issuers would also face additional compliance measures, as outlined in the bill [1].

The U.S. Treasury Secretary predicts that the stablecoin market could exceed $2 trillion by 2028, highlighting the potential impact of the GENIUS Act. The current market cap of USD stablecoins stands at around $252 billion, according to CoinGecko [1].

The GENIUS Act is expected to move to the House of Representatives for further review and voting if it passes the Senate. The House already has its version of a stablecoin bill, called the STABLE Act, which differs from the GENIUS Act in some key areas, particularly regarding state-based issuers and oversight for foreign stablecoin companies [1].

The bill has sparked debate among senators, with some Democrats opposing it due to concerns about potential misuse of stablecoins by tech billionaires and the impact on banks. Senator Elizabeth Warren, a Democrat, has been vocal in her opposition, warning that the bill could allow tech billionaires to create stablecoins that track people’s spending [2].

The passage of the GENIUS Act could have significant global implications, potentially attracting large institutional capital and solidifying the U.S. dollar’s role in digital finance. It could also encourage widespread adoption of stablecoins, as seen in China’s Ant Group, which is preparing to launch stablecoin payments and apply for licenses in Singapore and Hong Kong [1].

The vote on June 17 marks a critical milestone in U.S. crypto regulation. Whether the GENIUS Act becomes law or not, it is clear that Washington is taking a more active role in shaping the future of stablecoins and the broader crypto industry.

References:
[1] https://coinpedia.org/news/u-s-senate-to-decide-stablecoin-future-with-genius-act-on-june-17/
[2] https://www.crowdfundinsider.com/2025/06/242241-the-genius-act-stablecoin-legislation-expected-to-head-to-a-floor-vote-in-senate-tomorrow/