GENIUS Act Stablecoin Bill Nears Senate Passage Amid Bipartisan Support

The GENIUS Act, a landmark stablecoin bill, is advancing through the Senate with bipartisan backing. Recent amendments by Democrats have strengthened consumer protections and anti-fraud measures, reflecting growing regulatory scrutiny of the $250 billion stablecoin market.

Industry advocates warn that unrelated disputes—particularly over credit card swipe fees—could delay the bill’s progress. The revised legislation mandates stablecoin issuers to register with regulators and maintain secure reserves, addressing concerns about foreign-issued coins and money laundering risks.

Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) spearhead the bill, which cleared key procedural votes in May and June. Market participants emphasize the urgency of clear federal rules to stabilize the rapidly evolving crypto sector.