The U.S. Senate voted 68-30 to advance the GENIUS Act, a major stablecoin bill, toward a final vote next Monday. If passed, the bill would create the first national regulatory framework for stablecoins, requiring full reserves, annual audits for large issuers, and rules for foreign entities.
Supporters, including Senate Majority Leader John Thune, see it as a step toward mainstreaming crypto. Critics, such as Senator Elizabeth Warren, warn of political risks associated with Trump’s crypto ties. Industry leaders view the bill as a pivotal move toward regulatory clarity, potentially unlocking greater institutional participation in the stablecoin market.
The amendment introduces stronger anti-money laundering measures and prohibits stablecoins issued from U.S.-sanctioned jurisdictions. If approved, it would be a major win for the crypto industry, which has long called for clearer regulations.
Although the GENIUS Act initially stumbled, it gained support from crypto-friendly Democrats. Treasury Secretary Scott Bessent highlighted that dollar-backed stablecoins could boost demand for U.S. Treasuries by up to $2 trillion, reinforcing the dollar’s dominance.
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