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3w ago

Senate Fast-Tracks First Comprehensive Stablecoin Regulation Bill

The GENIUS Act, advancing with bipartisan support, sets the stage for the first U.S. regulatory framework for stablecoins as the Senate prepares for an imminent vote.

John Thune (Anna Moneymaker/Getty Images)
Sens. Kirsten Gillibrand and Chuck Schumer at a news conference outside the U.S. Capitol in February. Photo: Anna Moneymaker/Getty Images
U.S. Senate Majority Leader John Thune (R-SD) speaks to press outside the Senate Chambers during a Senate "vote-a-rama" on February 20, 2025 in Washington, DC. The Senate is holding an all-night marathon vote, referred to as a "vote-a-rama", as Republicans look to pass their GOP budget resolution. (Kayla Bartkowski/Getty)

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.