By John Meyer, consultant in financial affairs – Eurasia Business News, June 18, 2025. Article no. 1570.

View on the US Congress, Capitol Hill, Washington D.C.. Photo credits : Swann Collins.

The U.S. Senate passed the GENIUS Act on June 17, 2025, with a bipartisan vote of 68-30, marking a major legislative victory for the cryptocurrency industry. This bill establishes the first federal regulatory framework specifically for dollar-backed stablecoins, a type of cryptocurrency pegged to fiat currency like the U.S. dollar.

Key provisions of the GENIUS Act include:

  • Requirements for stablecoin issuers to maintain full reserve backing and undergo monthly audits.
  • Compliance with anti-money laundering laws.
  • Broadening the range of potential issuers to include banks, fintech firms, and major retailers.
  • Granting significant regulatory authority to the Treasury Secretary to oversee the stablecoin market, which is projected to grow substantially, potentially exceeding $2 trillion in the coming years.

The bill prohibits members of Congress and their families from profiting from stablecoins, though it notably does not extend this restriction to President Trump and his family, who have significant investments in the crypto sector through entities like World Liberty Financial and its USD1 stablecoin.

While the Senate’s approval is a landmark step, the GENIUS Act must still pass the Republican-led House of Representatives, where a similar but differently structured stablecoin bill (the STABLE Act) exists. Reconciling the two versions may take time due to differences in regulatory oversight allocation. 

U.S. President Trump has indicated support for the bill, and its passage would represent a pivotal moment for U.S. leadership in cryptocurrency innovation and regulation.

Overall, the Senate’s passage of the GENIUS Act signals growing political influence and acceptance of the crypto industry in Washington, reflecting the sector’s significant investment in the 2024 election cycle and its push for clearer regulatory standards.

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© Copyright 2025 – Eurasia Business News. Article no. 1570.