Crypto’s Big Break? Senate Scrambles to Pass GENIUS Act—Stablecoin Rules Face Major Shakeup

Washington moves at blockchain speed—for once. The Senate is racing to push through the GENIUS Act, a long-overdue stab at stablecoin regulation that could finally bring clarity (or chaos) to the crypto wild west.

Why now? Pressure’s mounting as dollar-pegged tokens hit $150B market cap while regulators play catch-up. The bill aims to split the difference between innovation and oversight—good luck threading that needle.

Wall Street’s already placing bets: lobbyists for both TradFi and DeFi are reportedly ’optimistic’ about provisions that’ll let them profit either way. Some things never change.

Current Status of the GENIUS Act

Senators working on the bill aim to secure support from all lawmakers by seeking consensus on fundamental issues. Some critical modifications have been proposed to expedite the legislative process for the GENIUS Act. The acceleration of the proposal might involve partially bypassing existing law-making procedures, provided senators agree on key points, possibly omitting part of the full negotiation process.

Several senators have recently requested various amendments to the bill. These requests are seen as potential enhancers of the legislative support needed for the bill to reach the President’s desk.

Criticisms and Amendment Requests

The search for consensus regarding the GENIUS Act accelerated following criticisms from some quarters. Critics argue that the legislation has deficiencies and lacks certain regulations.

Conversely, leading financial sector representatives and some senators are debating whether the act sufficiently addresses security, stability, and transparency within the crypto asset market.

Moreover, broad consensus within the Senate is essential for the swift progress of the bill after a previous voting attempt failed. Senators have expressed willingness to make adjustments that consider the perspectives of both financial sector players and the public.

Senator Eleanor Terrett remarked, “Efforts to achieve agreement on crucial points continue, with the goal of conducting the final vote quickly.”

The proposed amendments to the bill during this process are expected to directly affect the implementability of the law and its impact on the market.

Recently, there were reports of widespread support among Democrats for the proposal. If a sufficient majority is reached, following Senate approval, Trump could quickly finalize the signing process to legalize stablecoins. This would enable banks and other financial institutions to engage in stablecoin activities, indirectly injecting liquidity into cryptocurrency markets.

A decision on the GENIUS Act is anticipated soon. How the process unfolds, whether the bill will be implemented, and its impact on financial regulations are being closely monitored by industry representatives. This U.S. legislative initiative may also shape global digital asset regulations, necessitating vigilant observation of future developments.