US Senate Passes GENIUS Act 68-30, Advancing Stablecoin Regulation to House

Washington D.C. – The U.S. Congress is actively engaging in a significant push for cryptocurrency regulation, with the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) having successfully passed the Senate and now moving to the House of Representatives. This legislative momentum is part of a broader "Crypto Week" in Washington, aiming to establish clearer frameworks for digital assets.

The GENIUS Act, designed to create the first comprehensive federal framework for payment stablecoins, cleared the Senate on June 17, 2025, with a bipartisan vote of 68-30. According to a recent tweet by Viktor Bunin, an industry commentator, the GENIUS Act is "almost guaranteed to pass" due to widespread bullish sentiment on stablecoins, despite some "finer points" for discussion. The bill seeks to bring regulatory clarity and ensure stability for these digital assets, which are pegged to traditional currencies like the U.S. dollar.

Key provisions of the GENIUS Act include mandating 1:1 backing of stablecoins with liquid assets, requiring monthly public disclosures of reserves, and establishing a dual oversight model involving federal and state regulators. Vice President Vance has publicly endorsed the bill, stating it would create a "clear, pro-growth legal framework" for stablecoins. This comes as stablecoins have gained mainstream traction, exemplified by companies like Circle Internet Financial launching on the New York Stock Exchange.

Alongside the GENIUS Act, lawmakers are also considering the CLARITY Act, a more complex bill addressing market structure by delineating regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Bunin noted that CLARITY is "imo also likely to pass, but unclear how many rounds it'll take and what concessions will need to be made." The bill aims to compel centralized crypto players to comply with regulation and largely exempts decentralized finance (DeFi). However, its path in the Senate remains uncertain, partly due to Democratic concerns over potential conflicts of interest involving President Donald Trump's family and their crypto ventures.

Additionally, a separate bill to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) is on the House agenda. While expected to pass the House, this anti-CBDC measure is considered "least likely to pass" overall and "least important" relative to the stablecoin and market structure bills, as stated by Bunin. The collective legislative efforts underscore a concerted push to formalize the regulatory landscape for digital assets in the United States.