Michaela
The U.S. Senate has approved the GENIUS Act with a decisive 68-30 vote, advancing the bill aimed at establishing clearer federal guidelines for digital assets.
“With this bill, the United States is one step closer to becoming the global leader in crypto,” Senator Bill Hagerty, the bill’s sponsor, stated during remarks on the Senate floor ahead of the vote. “Once the GENIUS Act is law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks,” he added.
The Guiding and Establishing National Innovation for US Stablecoins Act, better known as the GENIUS Act, cleared the Senate on Tuesday after a prior attempt in May failed to advance.
The earlier stall was largely attributed to Democratic resistance tied to President Donald Trump’s ties to the crypto sector, particularly the Trump family’s reported stake in World Liberty Financial, which launched its own USD1 stablecoin earlier this year.
It remains uncertain whether the GENIUS Act will gain enough backing to pass in the House, where Republicans maintain only a narrow majority. The Senate version advanced without any amendments addressing former President Trump’s ties to World Liberty Financial, an omission that several House Democrats have already flagged as a potential dealbreaker.
The recognition of payment stablecoins under a formal U.S. regulatory framework could pave the way for a wave of corporate-issued tokens, with major tech and social media players already exploring the possibility.
During Senate deliberations on the GENIUS Act, lawmakers cited reports indicating that several major corporations are actively evaluating stablecoin strategies. Senators Elizabeth Warren and Richard Blumenthal formally questioned Meta to determine whether the company intends to pursue its own stablecoin initiative should the legislation move forward.
The STABLE Act, which serves as companion legislation to the recently passed GENIUS Act, is expected to be next on the docket in the House of Representatives. Lawmakers anticipate renewed debate over its provisions, with several members signaling plans to introduce amendments aimed at strengthening oversight, clarifying definitions around payment stablecoins, and addressing concerns tied to private sector involvement.
As momentum builds around stablecoin and crypto-related legislation, the U.S. House Agriculture Committee has advanced the CLARITY Act, a bill designed to create a comprehensive regulatory framework for digital assets. The committee’s vote reflects growing bipartisan consensus on the need for clearer oversight and defined jurisdiction within the rapidly evolving digital asset sector.
Read More
- Trump Pushes Clear Crypto Regulations as Senate Preps GENIUS Act Vote
- US Senate Advances GENIUS Act Stablecoin Bill Amid Concerns
- Senate Advances GENIUS Act to Regulate $250B Stablecoin Market
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
