The "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (referred to as the "GENIUS Act") has taken another step closer to becoming law after a revised version was passed by the U.S. Senate.
On Tuesday (June 17), the U.S. Senate voted 68 to 30 in favor of the GENIUS Act. The bill was passed about six weeks after it was introduced by Tennessee Senator Bill Hagerty. The accompanying legislation, the "STABLE Act," is expected to be reviewed in the House of Representatives next and may face additional amendment proposals.
Bill Hagerty stated in his Senate speech before the vote on Tuesday, "With the passage of this bill, the U.S. is one step closer to becoming a global leader in cryptocurrency." He added, "Once the GENIUS Act becomes law, businesses of all sizes and Americans across the country will be able to complete payment settlements almost instantly, without waiting days or even weeks."
The GENIUS Act initially failed to pass a vote to end debate in the Senate in May due to Democratic opposition to President Donald Trump's ties to the cryptocurrency industry. The Trump family holds significant shares in World Liberty Financial, which issued its own $1 stablecoin in March.
It remains unclear whether the stablecoin legislation will gain enough support to pass in the House, where Republicans hold only a slim majority over Democrats. Trump's advisor on AI and cryptocurrency, David Sacks, stated in May that the president would support a bill passed by a Republican-controlled Congress.
If payment stablecoins are recognized within the U.S. regulatory framework, it could open the door for companies to issue their own tokens. Reports indicate that during the debate on the GENIUS Act, Apple, Google, social media platform X, and Airbnb were all considering related matters, and two U.S. senators questioned whether Meta also had similar plans if the bill were to pass.
U.S. Treasury Secretary Scott Bessent stated in a post on X on Tuesday, "Recent reports predict that the stablecoin market could grow to $3.7 trillion by the end of this decade." He added, "With the passage of the GENIUS Act, this scenario becomes more likely."
As stablecoin legislation moves closer to Trump's desk, members of the House are still waiting for a vote on the "CLARITY Act," which aims to establish clear market structure rules for digital assets.
The bill's version passed last week through the House Agriculture Committee and the House Financial Services Committee, and is expected to go for a full vote in the House soon, but it also faces some opposition from Democrats regarding the president's cryptocurrency ties.
Bartlett Naylor, a financial policy advocate for the consumer advocacy organization Public Citizen, stated in a statement shared with Cointelegraph regarding the GENIUS Act and the CLARITY Act, "In advancing these bills, lawmakers have missed the opportunity to confront Trump's cryptocurrency scam—one of the largest and most blatant acts of corruption in presidential history. These bills essentially legitimize a massive scam under the American flag."
Related: Trump's Truth Social files S-1 application to launch Bitcoin (BTC) and Ethereum (ETH) dual ETF
Original: “U.S. Senate Passes GENIUS Stablecoin Act 68 to 30”
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