Senate Passes Landmark Cryptocurrency Regulation Bill

The Senate unanimously approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) on June 17, marking a significant step toward regulating the $200 billion stablecoin market. The bill, which passed 68-30, received rare bipartisan support and aims to provide a clearer regulatory framework for digital currencies.
Stablecoins, less volatile cryptocurrencies tied to assets like the U.S. dollar, are widely used for payments, trading, and investment. The GENIUS Act seeks to foster innovation while protecting consumers and ensuring the U.S. remains competitive globally. House Financial Services Committee Chairman French Hill (R-Ark.) praised the bill, stating it brings "much-needed clarity and protections" to the digital asset ecosystem.
Sen. Cynthia Lummis (R-Wy.) expressed optimism about the momentum behind cryptocurrency adoption, emphasizing the importance of maintaining progress. Proponents argue the bill will boost stablecoin adoption and strengthen the dollar's global dominance, potentially lowering government borrowing costs.
However, critics warn the bill could incentivize corruption, facilitate illicit activity, and threaten financial stability. The GENIUS Act is part of a broader push to modernize cryptocurrency regulations, aligning with the administration's economic agenda, which includes relaxing rules to allow cryptocurrency in retirement plans.
The bill now moves to the House for further consideration, signaling a growing recognition of cryptocurrency's role in the global economy.

Published: 6/18/2025