Senate Fast-Tracks GENIUS Act That Could Spark a U.S. Stablecoin Boom

The U.S. Senate has advanced the GENIUS Act, a legislative proposal aimed at establishing the first federal regulatory framework for dollar-backed stablecoins. Spearheaded by Senator Bill Hagerty and backed by key figures including Senators Tim Scott and Cynthia Lummis, the bill has cleared committee review and could face a full Senate vote by late April.

Market participants view the legislation as a potential catalyst for institutional adoption of stablecoins. By providing regulatory clarity, the GENIUS Act may accelerate mainstream use of digital dollars for everyday transactions while maintaining the dollar’s dominance in global finance.

The proposal enjoys bipartisan support, with Senate Majority Leader John Thune initiating expedited procedures. Crypto industry leaders have endorsed the measure, recognizing its potential to bridge traditional finance and digital asset innovation.