US Senate Moves Forward with GENIUS Act—First Federal Stablecoin Framework Lands
Washington finally catches up to crypto—sort of. The GENIUS Act just cleared a critical Senate hurdle, marking the first federal attempt to wrangle stablecoins into a regulatory corral. No more Wild West posturing; now we get bureaucracy with a blockchain twist.
Key takeaways:
- The bill creates guardrails for dollar-pegged cryptocurrencies without strangling innovation (or so they claim).
- Exchanges and issuers face new disclosure rules—transparency or theater? You decide.
- State-level regulators get a seat at the table, because nothing says ’efficiency’ like 50+ overlapping jurisdictions.
Wall Street lobbyists are already circling like vultures over a dying DeFi project. Meanwhile, Bitcoin maximalists are screaming ’I told you so’ from their unregulated mountain tops. The real question: Will this stabilize the market or just stabilize regulators’ need to look relevant?
Crypto market regulations ease as US Stablecoin Bill clears key Senate hurdle
A Bloomberg report on Tuesday highlights that the Stablecoin legislation, the GENIUS Act, overcame a procedural blockade on Monday night in the US Senate, marking a major victory for the crypto industry.
US Senate voted 66-32 to overcome a filibuster and advance a stablecoin regulation bill, marking a significant win for the crypto industry. A group of Democrats dropped their earlier opposition after negotiations led by Senators Kirsten Gillibrand and Angela Alsobrooks, clearing the way for Senate floor debate.
The House Financial Services Committee has approved its own stablecoin measure, but it has yet to pass the chamber.
“Some House Republicans want to merge it with a follow-on bill governing the regulation of cryptocurrencies more broadly. The House and Senate will have to reconcile any differences in legislation before sending a final version to Trump’s desk,” says a Bloomberg analyst.
The US Senate’s decision to advance a stablecoin regulatory bill marks a pivotal moment for the crypto industry. This decision has a positive outlook as it moves toward establishing a clear legal framework for stablecoins, potentially boosting legitimacy and adoption. However, some concerns exist around consumer protection, financial stability, and illicit use.
