- The U.S. Senate has passed comprehensive stablecoin legislation, moving it to the House for consideration.
- The legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aims to set clear rules for digital USD-pegged crypto assets.
- The bill saw bipartisan support, with 18 Senate Democrats joining Republicans in the vote.
- The GENIUS Act bars members of Congress and their families from profiting from stablecoins, but exempts President Trump and his family.
- Debate continues in Congress, with attention now turning to the House’s next actions, possible bill combinations, and recent calls from President Trump for a clean version of the legislation.
The U.S. Senate voted on Tuesday to advance stablecoin legislation, clearing the way for a vote on the House floor. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act, is the first major digital asset bill to pass the Senate and aims to regulate stablecoins—cryptocurrencies that are pegged to the value of the U.S. dollar.
Senator Angela Alsobrooks (MD), an original cosponsor of the bill, stated "Today marks the first time the Senate has ever passed comprehensive legislation to address digital assets. I am excited by this emerging technology and will continue to work with my colleagues on both sides of the aisle to keep America and Americans at the forefront." The Senate vote was notable for its bipartisan outcome, with 18 Democrats supporting the measure along with Republicans.
Senator Ruben Gallego (AZ), Ranking Member of the Senate Banking Digital Assets Subcommittee, commented, "With the GENIUS Act’s passage, we are meaningfully closer to a stablecoin regulatory landscape in the U.S. that provides clear rules of the road, protects consumers, and holds bad actors accountable." This step is part of a longer legislative process, as the bill will now go to the House, where related legislation, such as the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, has already cleared the Financial Services Committee.
A key section of the GENIUS Act prohibits members of Congress and their families from profiting from stablecoin activities, though it does not extend to President Trump and his family, a sticking point in ongoing negotiations. Recent discussions in the House have considered merging the GENIUS Act with the Digital Asset Market Clarity Act, which aims to clarify rules for broader crypto markets. Both the Agriculture and Financial Services Committees advanced this related bill last week.
President Trump recently used social media to call for a streamlined stablecoin bill without additional measures or delays, complicating efforts to combine digital asset legislation in the House. Meanwhile, American Bankers Association President and CEO Rob Nichols stressed, "We will continue to work with lawmakers to pursue a final stablecoin bill that embraces innovation without undermining our nation’s resilient and trusted financial system and the critical role banks play in the economy."
The legislative process faces additional hurdles because of legislative time constraints and pressures from both the financial industry and the crypto sector. The outcome will determine the framework for regulating stablecoins in the U.S., as lawmakers try to balance support for innovation with consumer protection and market stability.
Decisions on the final form of the bill are expected as the House reconvenes, with lawmakers seeking to finalize crypto rules that support U.S. competitiveness and safeguard the financial system.
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