Genius Act: Senate Passes Crypto Bill – Updates
- The Senate approved the Guiding adn Establishing National innovation for U.S.
- The Genius Act seeks to establish a regulatory framework for the $200 billion stablecoin market,offering guidelines for the banking and finance sectors dealing with digital currencies.
- French Hill, R-Ark., chairman of the House Financial Services Committee, hailed the Senate's action.
The Senate has passed the Genius Act,a crucial step toward regulating the burgeoning stablecoin market. This bipartisan legislation, designed to provide clarity and structure for the $200 billion sector, could reshape the financial landscape. Key focus areas include establishing a clear regulatory framework and possibly impacting U.S. government borrowing costs, presenting new opportunities within the cryptocurrency space. Treasury officials are optimistic about the bill’s impact on the market, while critics raise concerns about potential risks. The Genius Act’s journey continues as it heads to the House, where its ultimate form and effect on the cryptocurrency ecosystem remain uncertain. This is a developing story reported by News Directory 3. Discover what’s next as the bill navigates the legislative process.
Senate Passes Genius Act,Aiming to Regulate Stablecoins
Updated June 18,2025
The Senate approved the Guiding adn Establishing National innovation for U.S. Stablecoins Act, or Genius Act, on June 17, in a move designed to bring regulatory clarity to the cryptocurrency market. The bipartisan vote was 68-30.
The Genius Act seeks to establish a regulatory framework for the $200 billion stablecoin market,offering guidelines for the banking and finance sectors dealing with digital currencies. Stablecoins, which are tied to assets like the U.S. dollar, are used for payments, trading, and as safe havens during market instability.
Rep. French Hill, R-Ark., chairman of the House Financial Services Committee, hailed the Senate’s action. He pledged to collaborate with House colleagues to provide clarity and protections for the digital asset ecosystem. “Clear rules of the road for stablecoins are long overdue,” Hill saeid.
Sen. Cynthia lummis, R-Wyo., expressed enthusiasm about the growing acceptance of cryptocurrency in Washington.She emphasized the importance of maintaining momentum on the issue.
sen. Bill Hagerty, R-Tenn., said the framework would ensure U.S. competitiveness and protect the dollar’s global standing. He cited a report projecting that stablecoin issuers could become major holders of U.S.Treasuries,strengthening the nation’s fiscal position.
Treasury Secretary Scott Bessent said on X, formerly Twitter, that the Genius Act could help stablecoins reach a $3.7 trillion market by the end of the decade. He also noted the potential for lower government borrowing costs due to increased demand for U.S. Treasury securities.
Though, critics like Sen. Elizabeth Warren, D-Mass., argue the bill could incentivize corruption, facilitate illicit activities, and threaten the U.S.financial system. She urged lawmakers to address these concerns.
The administration has made cryptocurrency a part of its economic agenda, including establishing a strategic bitcoin reserve and supporting clearer crypto regulation. Regulations have been eased to allow cryptocurrency investments in 401(k) plans.
What’s next
the genius Act now moves to the House, where it faces further debate and potential revisions before it can become law. Its future impact on the cryptocurrency landscape remains to be seen.