After several weeks of stagnation, the US Senate has initially passed the GENIUS stablecoin bill with an overwhelming support of 68 votes in favor and 30 against.
US Senate Passes the GENIUS Stablecoin Bill
After several months of debate and interruption, the US Senate has just voted to pass the first procedural step for the GENIUS stablecoin bill with an overwhelming support of 68 votes in favor and 30 against.
JUST IN: US Senate votes to move forward with stablecoin bill the GENIUS Act 🇺🇸 pic.twitter.com/EUWaUJeY0v
— Bitcoin Magazine (@BitcoinMagazine) June 11, 2025
This move not only marks the recovery of efforts to build a legal framework for digital assets in the US but also reflects the increasing influence of President Donald Trump and his associates in promoting the crypto industry.
GENIUS is an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins, a bill expected to establish basic principles for stablecoin issuance and management. According to the current content, the bill requires:
- Stablecoins must be 100% backed by USD or equivalent liquid assets.
- Issuers with a market capitalization over $50 billion must conduct annual audits.
- Additional control provisions for stablecoin issuers like Tether.
Speaking before the Senate, Senator John Thune, the bill's lead author, affirmed that GENIUS will help the United States become the "crypto capital of the world". He emphasized: "We want to make crypto the mainstream trend, and GENIUS will be the first bridge leading to that future."
Despite receiving support from both parties, many Democratic Senators strongly oppose the bill, especially Elizabeth Warren, who has long been known for her tough stance on digital currency. In a highly critical speech, she argued that the bill has many loopholes, lacks consumer protection measures, and could be exploited to legalize political interests through crypto.
She also accused President Trump of exploiting the crypto market to exchange political power and personal privileges, through projects like World Liberty Financial or the TRUMP meme coin.
Although the GENIUS Act has passed an important blockade in the Senate, the journey to becoming law is still long. The US House of Representatives is currently reviewing a separate bill called the STABLE Act, developed by the Financial Services Committee and passed at the committee level with a 32-17 vote in May.
The key difference between the two bills lies in their approach to regulating stablecoin issuers at the state and federal levels, as well as regulations for foreign issuers.
If both houses pass different bills, Congress will need to reconcile to reach a unified version before presenting it to the President.
In an official statement from the White House, senior advisors to President Trump confirmed that if the GENIUS bill is passed in its current form, they would recommend the President sign it immediately. The White House's goal is to complete the entire process before August 2025, aiming to accelerate the shaping of the stablecoin market before the midterm elections.
Simultaneously, representatives in the House are also considering the possibility of combining the stablecoin bill with a comprehensive crypto market law, which could make future debates more complex.
Compiled by Coin68
