The United States Senate has moved forward with a major piece of crypto legislation, passing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with a 68-30 vote. This brings the bill one step closer to becoming law.
The legislation, introduced by Senator Bill Hagerty of Tennessee around six weeks ago, now heads to the House of Representatives. There, lawmakers are expected to debate its companion proposal—the STABLE Act—which could be amended further before advancing.
“Today marks a major step toward making the US a global hub for crypto innovation,” said Hagerty during remarks ahead of the Senate vote. “Once the GENIUS Act is enacted, businesses and everyday Americans will benefit from nearly instant payment settlements, ending the delays of days or even weeks.”
The GENIUS Act faced an initial hurdle in May when it failed a procedural vote, largely due to concerns from Democrats over former President Donald Trump’s ties to the digital currency industry. The Trump family reportedly holds a stake in World Liberty Financial, which released the USD1 stablecoin in March.
There’s still uncertainty around how the bill will fare in the House, where Republicans maintain a narrow majority. David Sacks, Trump’s lead on AI and crypto, hinted in May that the former president would sign the legislation if it clears Congress.
If stablecoins gain official recognition under US law, it could unleash a wave of new tokens from major tech companies. Reports suggest Apple, Google, Airbnb, and X (formerly Twitter) are actively exploring opportunities in light of the GENIUS Act discussions. Some lawmakers have also questioned whether Meta might re-enter the space if the bill becomes law.
“Some analysts predict stablecoins could grow into a $3.7 trillion industry by 2030,” said Treasury Secretary Scott Bessent on X, following the Senate vote. “The GENIUS Act makes that future more plausible.”
House Weighs Digital Asset Market Framework
As stablecoin regulation inches closer to finalization, the House of Representatives is also reviewing the CLARITY Act, a separate bill aimed at setting a structured framework for the broader digital asset market.
Both the House Agriculture Committee and the House Financial Services Committee have approved versions of the CLARITY Act, which could soon reach the House floor. However, political resistance remains, with some Democrats continuing to oppose any measure linked to Trump’s crypto involvement.
“These bills, if passed, would turn a blind eye to one of the most blatant examples of presidential profiteering,” said Bartlett Naylor, financial policy advocate at Public Citizen. “Rather than tackling what many see as a massive grift, they risk normalizing it under the banner of national innovation.”
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