Overview

• The Senate approved the GENIUS Act on June 17 by a 68-30 vote, marking a bipartisan breakthrough in federal cryptocurrency oversight.
• Under the bill, stablecoin issuers would be required to back tokens one-to-one with liquid assets such as U.S. dollars or short-term Treasurys and publish monthly reserve disclosures.
• The legislation now moves to the House, where lawmakers must reconcile it with the STABLE Act and respond to President Trump’s call for swift, amendment-free passage.
• Crypto stocks rallied after the vote, with Circle and Coinbase shares jumping double digits as Treasury Secretary Scott Bessent forecast a potential $3.7 trillion stablecoin market that could reinforce dollar dominance.
• Critics have flagged that ethics safeguards do not cover the president and vice president, raising conflict-of-interest questions over the Trump family’s World Liberty Financial stablecoin, USD1.