Overview
- Senate Majority Leader John Thune has expedited the GENIUS Act, marking the Senate's first consideration of a major cryptocurrency bill.
- The GENIUS Act, authored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott and Cynthia Lummis, aims to regulate stablecoin issuers with licensing, reserve, and oversight requirements.
- The Senate Banking Committee approved the bill with a bipartisan 18–6 vote, and the House Financial Services Committee advanced a similar bill in April 2025.
- The House of Representatives is expected to vote soon on its version, the STABLE Act, as lawmakers work to reconcile the two bills, which are reportedly 90% similar.
- Stablecoins have seen explosive growth, with transaction volumes reaching trillions in 2024, driving urgency for regulatory clarity to protect consumers and bolster U.S. dollar dominance.