GENIUS Act Passes Senate 68-30 U.S. Treasury Secretary Projects 3.7 Trillion Stablecoin Market by 2030

The GENIUS Act, a significant piece of legislation focused on stablecoins, has made history by becoming the first crypto bill to advance out of the Senate. The bill passed its final Senate vote on June 17th with a 68-30 vote, including support from 18 Democrats. This milestone marks a major step forward in the regulation of the crypto industry, particularly for stablecoins.

In response to the bill's progress, U.S. Treasury Secretary Scott Bessent highlighted the potential growth of the stablecoin market. According to Bessent, the stablecoin market could reach $3.7 trillion by 2030, a projection that becomes more likely with the passage of the GENIUS Act. Bessent also noted that this growth could help lower national debt by increasing demand for T-bills from stablecoin issuers to back their digital dollars. He previously projected that the market would surpass $2 trillion by 2028.

David Sacks, a prominent figure in the crypto and AI sectors, praised Senator Bill Hagerty, the sponsor of the bill, and Trump's leadership in advancing the legislation. Sacks emphasized that the bill would enhance 'U.S. dollar dominance online.' Senator Hagerty echoed this sentiment, stating that the bill would 'improve efficiency' and reduce costs for users by moving payments onto the blockchain, thereby streamlining the system and eliminating unnecessary expenses.

The stablecoin sector has seen significant growth but has operated in a regulatory gray area. The GENIUS Act aims to provide clarity and improve protection for consumers and the financial system. According to Ari Redbord, Global Head of Policy at a blockchain intelligence firm, stablecoins accounted for 28% of all crypto transaction volume in Q1 2025 and 60% of illicit transaction volume across the crypto ecosystem. The GENIUS Act is expected to address these issues by aligning consumer protection and financial oversight with the realities of innovation and market demand.

Next, the GENIUS Act will be reconciled with the House’s STABLE Act before being submitted for presidential action. According to Galaxy Research’s Alex Thorn, President Donald Trump could act on it by August. This reconciliation process is crucial as it will determine the final form of the legislation and its potential impact on the stablecoin market and the broader crypto industry.