The bill—formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act—establishes a framework for issuing and regulating stablecoins, digital assets pegged to fiat currencies such as the U.S. dollar. The act now moves to the House of Representatives for consideration.

Sponsored by a bipartisan group of senators including Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, the legislation aims to create reserve requirements, ensure consumer protections, and enforce federal oversight for large issuers.

The House has its own competing measure—the STABLE Act—introduced earlier this year. While similar in intent, the STABLE Act diverges on definitions and regulatory scope, potentially setting the stage for negotiation or delay.

The GENIUS Act cleared the Senate Banking Committee on March 13 with an 18-6 vote, broke a filibuster on May 21 with a 66-32 vote, and passed the full Senate vote today. The House can pass the bill, amend it, or decline to act. Any amendments would require Senate review and could trigger a reconciliation process.

Given budget reconciliation priorities and political differences, immediate action in the House appears unlikely. Lawmakers may take weeks or months to act, especially if negotiations between the two bills are required.

Industry stakeholders view the legislation as a milestone. Supporters argue it offers clarity and preserves U.S. competitiveness, while critics raise concerns about favoring large tech firms and regulatory overreach.

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