The United States Senate has passed an amended version of the GENIUS Act, with a decisive 68-30 vote on Tuesday. Introduced roughly six weeks ago by Senator Bill Hagerty of Tennessee, the bill seeks to establish a clear regulatory framework for stablecoin market in the country. This move marks a significant step toward integrating blockchain-based digital assets into mainstream financial systems. “The United States is one step closer to becoming the global leader in crypto,” said Hagerty during his remarks on the Senate floor. He emphasized that the GENIUS Act would allow Americans and businesses to process payments in near real-time, eliminating current settlement delays that can take days or weeks. However, the bill’s journey has not been without controversy. The GENIUS Act initially failed a cloture vote in May, largely due to Democratic concerns over former President Donald Trump’s involvement in the crypto space. The Trump family holds substantial interest in World Liberty Financial, which launched its own USD1 stablecoin earlier this year. House Faces Tight Margin and Political Tensions With the Senate hurdle crossed, the bill’s fate now lies in the hands of the House of Representatives, where it could face fresh amendments and further political challenges. The House’s Republican majority is slim, and opposition from Democrats remains strong, especially concerning Trump’s perceived influence over digital asset policy. David Sacks, Trump’s appointed AI and crypto czar, previously hinted that the president would back any stablecoin legislation approved by a Republican-led Congress. Meanwhile, speculation has emerged that major tech giants like Apple, Google, Airbnb, and even social media platform X are exploring stablecoin issuance if the GENIUS Act becomes law. Lawmakers have also raised concerns about Meta potentially reviving its own token plans . Broader Implications and Growing Stablecoin Market Treasury Secretary Scott Bessent projected the stablecoin market could boast a $3.7 trillion market cap by 2030, stating that the GENIUS Act is a critical step toward realizing that growth. But the legislative push has drawn criticism as well. Bartlett Naylor of Public Citizen called the GENIUS and CLARITY Acts a “massive scam with the American flag,” accusing lawmakers of ignoring Trump’s alleged misuse of crypto for personal gain . As the House prepares to debate the companion STABLE Act and the CLARITY Act for broader digital asset regulation, the spotlight remains fixed on whether bipartisan agreement can be achieved—or whether political tensions will stall progress yet again. The post U.S. Senate Passes GENIUS Act, Paving the Way for Stablecoin Regulation appeared first on TheCoinrise.com .
