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Senate Approves GENIUS Act to Regulate Stablecoins; Bill Moves to House

Proceeding to the House for approval, the legislation has driven a rally in crypto stocks through requirements for liquid asset backing and monthly reserve disclosures.

Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo
A representation of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • Lawmakers passed the GENIUS Act by a 68-30 vote on June 17, marking a rare bipartisan agreement on stablecoin regulation.
  • The bill mandates that issuers back tokens with liquid assets like U.S. dollars or short-term Treasuries and publish monthly reserve compositions.
  • Shares of major crypto firms including Circle Internet and Coinbase rose up to 22% on investor optimism after Senate passage.
  • Critics in both parties warn the measure does not address President Trump’s personal financial ties to stablecoin projects such as World Liberty Financial.
  • Advocates argue the framework will drive stablecoin adoption in payments and digital finance and position the U.S. as a leader in global crypto oversight.