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GENIUS Act Approved: Will This Spark a New Era of Blockchain Payments?
GENIUS Act Approved – In a historic move on June 17, the U.S. Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with a 68-30 vote, marking the first federal effort to regulate dollar-pegged stablecoins. The bill, which now heads to the Republican-controlled House, has been hailed as a major milestone for the crypto industry.
“The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar,” said Senator Kirsten Gillibrand, one of the bill’s co-sponsors.
A Framework for the $260B Stablecoin Market
Introduced by Senator Bill Hagerty in February, the bill targets the fast-growing $260 billion stablecoin sector. After the vote, Hagerty stated:
“This is going to open the door for innovation in America like we’ve never seen before.”
He emphasized that the act is a strategic move to maintain U.S. dollar dominance and transition payment systems onto blockchain to increase efficiency and reduce transaction costs. Treasury Secretary Scott Bessent supported the bill, noting that stablecoins backed by U.S. Treasuries could boost global dollar usage.
Regulation, Oversight, and Wider Access
The GENIUS Act mandates that stablecoins be fully backed, issuers undergo regular security audits, and gain approval from federal or state regulators. It also restricts algorithmic stablecoins and opens issuance opportunities to banks, fintechs, retailers, and tech giants.
Political Pushback and Next Steps
Despite bipartisan support, several Democrats opposed the bill, attempting to add amendments aimed at preventing former President Trump’s family from profiting from crypto. The final version only restricts current Congress members and their families.
A related bill, the STABLE Act, is also advancing through Congress, signaling a broader push for crypto regulation in the U.S.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
