Join Our Telegram channel to stay up to date on breaking news coverage
The US Senate passed the landmark GENIUS stablecoin bill, marking a major step forward for crypto regulation.
The bill, formally known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS) Act, passed 68–30 after a wave of Democrats joined Republicans to support it. It now heads to the House, where Republicans hold a slim majority.
If approved, the bill will go to President Donald Trump’s desk. Trump’s crypto czar David Sacks said in May that Trump will likely sign it into law.
“With this bill the United States is one step closer to becoming the global leader in crypto,” said Republican Tennessee Senator Bill Hagerty, who introduced the bill about six weeks ago.
Republicans Could Push Stablecoin Bill Through House
The GENIUS Act is the first major crypto-related bill to clear the Senate. However, the House does have its own Digital Asset Market Clarity Act, which is a more sweeping crypto bill that would provide a framework for the wider crypto market, not just stablecoins.
After passing through the Senate, the GENIUS Act is slightly ahead in the legislative process than the Clarity Act, which currently awaits floor action after being cleared by the relevant House Committees.
While it still remains uncertain whether the GENIUS Act will pass the House as well, Republicans do have a slight majority over Democrats. If it passes the House, it will then head to President Donald Trump’s desk for final approval.
Senator Elizabeth Warren Warns GENIUS Act Has Loopholes
Even though there was a spike in the number of Democrats who supported the GENIUS Act, the party’s most vocal members were not convinced.
Among them was known crypto-skeptic Elizabeth Warren, who argued that the bill allows loopholes for foreign tokens, doesn’t deal with concerns around Trump’s crypto ties, and clears a way for technology giants like Amazon to issue their own coins.
If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors.
These billionaires will come begging for a taxpayer bailout when it inevitably blows up. pic.twitter.com/viKxVhdcsd
— Elizabeth Warren (@SenWarren) June 16, 2025
Despite her concerns, Democrat supporters of the bill said that doing nothing was not an option.
Related Articles:
Best Wallet – Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
