GENIUS Act Gains Momentum with Trump’s Strong Endorsement
In a major push to regulate digital currencies, the US Senate has officially passed the GENIUS Act- short for guiding and establishing NAtional innovation for US Stablecoins. The bill cleared the chamber with strong bipartisan support, passing by a 68-30 vote. Its aim is clear to provide a structures, national framework for how stablecoins should be issued, backed and monitored in the country.
stable coins are the digital coins that have their fixed value, often tied to the US dollars. These coins are widely used for fast transactions and online payments, but until now, they’ve existed in legal grey areas without federal oversight.
Following the Senate’s approval, President Donald Trump made a clear and bold statement on his social media account “ The House will hopefully move LIGHTING Fast and pass a ‘clean’ GENIUS Act. get it on my Desk ASAP- nO DELAYS, NO ADD ONS!”
Trump’s urgent tone reflects his administration’s desire to see the US take a leadership role in digital assets regulation and financial innovation.
Source: X
Inside the GENIUS Act
At its core, the GENIUS Act sets out detailed guidelines for stablecoin issuers. It requires them to hold fully-backed reserves- meaning every coin in circulation must be backed by real assets such as US dollars or short term government bonds.
The idea is to build public trust and eliminate the risks associated with unregulated digital money. By enforcing transparency, the law also hopes to protect consumers and prevent fraud in the rapidly growing crypto ecosystems.
Crypto Industry Welcomes Clarity
The Senate’s decision has been met with widespread praise from within the blockchain and fintech industries. For years, the lack of federal standards created uncertainty and slowed down innovation. Startups hesitated to expand, and investors were cautious about getting involved. Treasury secretary Scott Bessent even predicted that the US stablecoin market could expand significantly, possibly growing to more than $2 trillion if the framework is fully implemented. Advocates believe that, with regulation in place, stablecoins can provide an after, cheaper, and more inclusive alternative to traditional banking systems.
Critics sound Ethical Alarms
Despite its popularity, the bill has not escaped criticism. Lawmakers like Elizabeth Warren and Jeff Merkley have expressed concern over positive loopholes. They warn that powerful public figures, including the President, could profit from stablecoin projects unless strict anti-corruption clauses are enforced.
Much of this concern stems from Trump’s alleged links to a crypto firm called World Liberty Financial, which has launched its own stablecoin named USD. opponents argue that without specific restrictions, such connections could pose serious ethical challenges.
What’s Next: House Decision Looms
The GENIUS Act now moves to the Republican- controlled House of Representative, where it must be aligned with a similar proposal under debate. With Trump activity pressuring lawmakers to move quickly, many expect a fast-tracked process.
If signed into law, the Genius Act could be the cement the US as a global leader in crypto policy- and finally bring stablecoins into the financial mainstream.
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