The U.S. Senate passed the "GENIUS Act" with a vote of 68 in favor and 30 against.
Written by: Bao Yilong, Wall Street Journal
The U.S. Senate has passed stablecoin legislation, establishing regulatory rules for cryptocurrencies pegged to the U.S. dollar, marking a milestone victory for the crypto industry and Trump.
On June 17 local time, the U.S. Senate passed the "GENIUS Act" with a vote of 68 in favor and 30 against. Analysts say this voting result is the most concrete return for the crypto industry after investing hundreds of millions of dollars to elect a "crypto-friendly" Congress. The crypto giants that invested heavily in last year's elections have already devised similar plans for the 2026 midterm elections.
Tim Scott, the Republican chairman of the Senate Banking Committee from South Carolina, stated in a release on Tuesday that the legislation "brings clarity to an industry that has long been shrouded in uncertainty."
The official name of the bill is the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS), and it will next be submitted for a vote in the House of Representatives. The House will decide whether to adopt the Senate's version or push its own stablecoin bill, the "STABLE Act," which has differences in regulation and treatment of foreign issuers.
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As previously reported by Wall Street Journal, the bill stipulates that stablecoins pegged to the U.S. dollar must hold an equivalent amount of short-term government debt or similar products as reserves and be subject to oversight by U.S. state or federal regulatory agencies. Notably, these stablecoins will not be protected by federal deposit insurance.
According to media reports, this new regulation opens the door to opportunities for multiple industries:
Retailers and the payment industry: Industry supporters hope stablecoins can become a mainstream payment form. Retailers welcome the bill, believing it offers a cheaper and faster transaction processing method than traditional banking products like credit cards and checks.
Large banks: While small banks worry about deposit outflows and a narrowing of credit channels, large banks are considering issuing their own stablecoins to profit from the interest generated by reserves. Stablecoins have already become a lucrative business, with leading issuer Tether Holdings SA earning billions through its reserves.
Tech and other non-financial giants: If the bill ultimately becomes law, tech companies and other large non-financial enterprises could also issue their own stablecoins, potentially disrupting the long-standing barriers between finance and business.
The game before the legislative finish line
Despite the breakthrough in the Senate, the legislative path is not yet complete.
Currently, the House is advancing its own legislation, which includes a more comprehensive measure aimed at regulating the broader crypto market. House members must now decide whether to directly adopt the Senate's bill or negotiate a compromise.
Reports indicate that a Republican aide in the House stated that both the stablecoin and market structure bills are necessary for creating a comprehensive and lasting framework for digital assets, and they will continue to work with colleagues to push both bills through.
However, reports also suggest that several Democrats, led by Senator Elizabeth Warren, believe the stablecoin bill lacks sufficient protections for consumers and the financial system in the event of issuer failures, potentially leading to customer losses and taxpayer bailouts. Warren, a senior Democratic member of the Senate Banking Committee, stated on Tuesday that the bill would "enhance the value of Trump's corrupt behavior."
Nevertheless, warnings from the Senate are also quite clear. Thom Tillis, a senior Republican member of the Banking Committee and Senator from North Carolina, warned the House not to modify the Senate's bill. He predicted that Democrats would block any amendments:
If the House sends it back after modifications, it will be dead on arrival.
The finish line of this legislative marathon is in sight, but the last mile is often the most perilous.
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