The Senate advanced a bill that would regulate stablecoins on Tuesday in a 68 to 30 vote, pushing forward one of two crypto bills currently working their way through Congress.
The GENIUS—Guiding and Establishing National Innovation for U.S. Stablecoins—Act, which won the support of 18 Democrats in the Senate, would establish strict oversight and approval standards for U.S. issuers of stablecoins—dollar-pegged digital tokens. Companies selling these assets to U.S. investors would be required to maintain robust reserves, adhere to rigorous transparency and anti-money laundering rules, and operate under enhanced regulatory supervision, potentially including new capital requirements.
Senator Bill Hagerty, R-Tennessee, introduced the bill, co-sponsored by Senators Cynthia Lummis, R-Wyoming; Bernie Moreno, R-Ohio; Pete Ricketts, R-Nebraska; Tim Scott, R-South Carolina; and Dan Sullivan, R–Alaska.
“With this bill, the United States is one step closer to becoming the global leader in crypto,” Hagerty said on the Senate floor prior to the Tuesday vote. “The GENIUS Act establishes a pro-growth regulatory framework for payment stablecoins. This bill will ; it will protect customers; it will drive demand for U.S. Treasurys, and it will ensure that digital asset innovation happens in the United States of America, not abroad.”
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Last month, Democrats in the Senate opposed the bill in a procedural vote, raising concerns about consumer protections and potential conflicts of interest. A cryptocurrency firm linked to President Donald Trump, World Liberty Financial, recently launched a stablecoin and drew significant criticism. Trump has shown a keen interest in cryptocurrencies through his and his family’s business ventures.
Some Democrats, such as Senator Elizabeth Warren, D-Massachusetts, have argued elected officials and their families should be barred from owning, controlling or promoting stablecoin businesses.
However, after negotiations, many Democrats ended up supporting the bill, which now needs to be passed by the House of Representatives before arriving on Trump’s desk.
A separate crypto bill, the Digital Asset Market Clarity Act of 2025, would split federal authority to regulate crypto based on the offer and sale of digital commodities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill advanced from the House Committee on Financial Services by a vote of 32 to 19 on June 10.
Tags: Congress, Crypto, stablecoin
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