The Senate took a momentous step on Wednesday, June 11, 2025, as it opened voting on the landmark Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act. With a decisive 68-30 vote, the Senate cleared a significant procedural obstacle, signaling an era of potential stability and clarity for stablecoin issuers operating within the United States. As the Senate inches closer to final approval, the crypto world is abuzz with anticipation, noting this move as the most significant policy breakthrough in the U.S. to date for the digital currency industry.
A Bipartisan Shift in the Senate
In the Senate’s traditionally cautious corridors, the GENIUS Act has garnered broad bipartisan support, a testament to the shifting sentiment towards cryptocurrency. The bill, which proposes a regulatory framework for stablecoins under state or federal oversight, has been championed by Senator Bill Hagerty. “This would strengthen our fiscal position and cement the dollar’s status as the world’s reserve currency,” Hagerty asserted, urging his colleagues to back the initiative. As explored in our recent coverage of Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, the bipartisan backing is a crucial factor in the bill’s potential success.
However, not all voices are in harmony. Senator Elizabeth Warren, a vocal critic of the bill, warned of potential financial instability. “The GENIUS Act lacks the basic safeguards necessary to ensure that stable coins don’t blow up our entire financial system,” she cautioned. Warren’s concerns highlight the bill’s allowance for stablecoin issuers to invest in riskier assets and engage in activities like derivatives trading—activities she argues need tighter control.
Parallel Progress in the House
As the Senate made strides with the GENIUS Act, the House of Representatives celebrated its own victories with the Digital Asset Market Clarity Act. The House Financial Services Committee and the House Agriculture Committee both passed this crucial bill on Tuesday, marking a day of triumph for crypto proponents. This legislation aims to establish comprehensive rules for U.S. oversight of crypto markets—a move that many in the industry see as essential for fostering innovation and safeguarding investors. For a deeper dive into the legislative progress, see Crypto Market Structure Bill Moves Out of House Committees, Stablecoin Action Pending.
Crypto lobbyists and legislative allies contend that both the GENIUS Act and the Clarity Act are critical for the proper regulation and growth of the crypto sector in the U.S. Yet, as these legislative pieces advance, questions loom over how the House will handle the GENIUS Act once it clears the Senate. Will leaders opt for a direct vote, or will they attempt to merge it with existing House legislation?
The Road Ahead
As we look forward, the GENIUS Act’s passage through the Senate seems inevitable. However, its journey to becoming law is far from over. The House will play a pivotal role in determining the bill’s final shape and fate. Given the current momentum, industry watchers are optimistic but remain cautious, aware of the complex legislative dance that lies ahead.
Meanwhile, the broader crypto market watches and waits. Stablecoins such as Circle’s USDC and Tether’s USDT, which are integral to transactions and contracts, stand to benefit from the regulatory clarity the GENIUS Act promises. Yet, as with any legislative effort, the devil is in the details—details that will be scrutinized and debated in the coming weeks.
The concurrent progress of the Clarity Act in the House only adds to the dynamic landscape. With crypto regulation finally gaining traction in the halls of power, stakeholders are hopeful. Still, there’s an undercurrent of skepticism. Can these legislative efforts keep pace with the rapid evolution of the crypto ecosystem? Only time will tell.
As the Senate and House chart these uncharted waters, one thing is certain: the outcome will have far-reaching implications for the future of cryptocurrency in the United States. With legislative wins on the horizon, the industry braces for the next chapter in its regulatory saga.
Source
This article is based on: Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins
Further Reading
Deepen your understanding with these related articles:
- Stablecoin Bills in House and Senate Still Need to Mesh on Several Points: French Hill
- Crypto lobby pushes Senate to pass stablecoin bill without debate
- House Agriculture Committee advances crypto market structure bill
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
