The crypto industry notched a significant win Tuesday as the U.S. Senate passed the GENIUS Act, a landmark bill to regulate dollar-backed stablecoins. The bill passed with bipartisan support, 68–30, setting the stage for formalized oversight of stablecoin issuers and establishing a unified regulatory foundation.
Although it still awaits passage in the House and a signature from President Trump, the legislation marks a pivotal moment for the digital asset space. The GENIUS Act—short for “Guiding and Establishing National Innovation for US Stablecoins”—creates a clear framework for issuing and managing stablecoins in the U.S., focusing on financial stability, transparency, and consumer protection.
“This bill finally sets the regulatory floor we’ve needed,” said Dante Disparte, Chief Strategy Officer at Circle, the top U.S. stablecoin issuer. Circle (CRCL), which has seen its shares rise 400% since its June 5 IPO, is expected to be one of the earliest beneficiaries.
The bill’s passage comes amid growing interest from traditional financial institutions and corporations. Bank of America CEO Brian Moynihan recently acknowledged the bank is exploring stablecoin potential, and major retailers like Amazon and Walmart are reportedly evaluating entry into the space.
The GENIUS Act empowers the Federal Reserve and OCC to supervise large issuers and mandates full reserves in cash or Treasurys, regular audits, and public disclosures. However, it controversially exempts President Trump and his family from a ban on personal profits from stablecoin ventures—an issue that has drawn Democratic pushback.
As momentum builds, analysts say the Act could catalyze a $2 trillion market by 2028. Still, questions remain about market risks, tech company dominance, and whether a House vote will tie the Act to broader crypto regulation—a move that could delay Trump’s goal to sign the bill before the August recess.
