GENIUS Bill: Senate Passes Stablecoin Legislation | Crypto News
- The Senate overwhelmingly approved the GENIUS Act in a 68-30 vote Tuesday, marking a significant step toward regulating stablecoins.
- The path to passage wasn't always clear. Earlier, nine Democrats reversed their support, seeking revisions.Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Wash., previously blocked a floor vote, citing...
- Warren, a consumer protection advocate and ranking member of the Senate Banking Committee, ultimately voted against the GENIUS Act.
The Senate has passed the GENIUS Act, paving the way for federal stablecoin regulation. This marks a crucial moment for the digital assets industry, establishing a framework for crypto tokens tied to the dollar, garnering bipartisan support in a decisive 68-30 vote.Although Senator Elizabeth Warren voiced opposition, citing corruption concerns, the bill’s passage signals a major win for the industry. The bill now heads to the House, where its future remains uncertain. For up-to-the-minute breaking news and in-depth analysis, turn to News Directory 3. discover what’s next in the ever-evolving world of crypto regulation.
Senate Passes GENIUS Act, Setting Stage for Stablecoin Regulation
Updated June 18, 2025
The Senate overwhelmingly approved the GENIUS Act in a 68-30 vote Tuesday, marking a significant step toward regulating stablecoins. The bipartisan measure establishes a federal regulatory framework for these crypto tokens, which are pegged to the U.S. dollar’s value.Eighteen Democrats joined most Republicans in supporting the bill.
The path to passage wasn’t always clear. Earlier, nine Democrats reversed their support, seeking revisions.Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Wash., previously blocked a floor vote, citing concerns related to the Trump family’s crypto ventures, including a controversial dinner for holders of the $TRUMP memecoin.
Warren, a consumer protection advocate and ranking member of the Senate Banking Committee, ultimately voted against the GENIUS Act. She argued the bill lacked sufficient safeguards against corruption.
“It would make Trump the regulator of his own financial company and, importantly, the regulator of his competitors,” Warren said during a June 11 floor speech.
For the digital assets industry, the GENIUS Act represents a victory after investing heavily in Washington lobbying efforts. Seth Hertline, head of global policy at Ledger, a crypto wallet company, previously called the act a bellwether.
“If the GENIUS Act derails, everything behind it derails,” Hertline said.
What’s next
With Senate approval secured, the GENIUS Act now moves to the House for consideration, where it faces an uncertain future amid ongoing debates about the role of cryptocurrency and stablecoins in the financial system.