U.S. Senate Passes GENIUS Act 68-30 to Foster Digital Asset Investment

The U.S. Senate passed the GENIUS Act on June 18, 2025, with a vote of 68-30. The act aims to foster large-scale investment in digital assets by providing a regulatory framework for payment stablecoins, promoting innovation, and bolstering market stability. Key supporters of the act include President Trump and Senate Banking Committee Chair Tim Scott, who emphasized the importance of U.S. leadership in cryptocurrency regulation.

The GENIUS Act received bipartisan backing, reflecting a unified effort to enhance the United States' position in digital innovation. The Senate's approval marks a significant step, moving the focus to the House of Representatives for further action. President Trump has expressed support for the swift enactment of the act before Congress's recess, highlighting its potential to drive economic growth and innovation.

Regulatory clarity provided by the GENIUS Act is set to benefit the burgeoning stablecoin industry, particularly tokens like USDC and USDT, by establishing compliance pathways. This could expand the sector significantly, aligning with Treasury projections of a potential $3.70 trillion market size. The act mirrors the EU's MiCA regulation, which previously spurred stablecoin adoption and laid a foundation for institutional onboarding in its jurisdiction.

According to the analyst's forecast, the GENIUS Act could catalyze growth in stablecoin-backed DeFi applications, driven by increased institutional interest. This follows trends seen in similar regulatory environments, suggesting a positive outlook for U.S. digital asset markets. The act's passage represents a bold step forward for financial innovation, American leadership, consumer protection, and economic opportunity, as stated by Tim Scott, U.S. Senate Banking Committee Chairman.