The US Senate has made significant progress on stablecoin legislation, overcoming initial Democratic opposition to advance the GENIUS Act in May 2025. This marks a crucial step toward establishing a regulatory framework for the rapidly growing cryptocurrency sector.
The industry-backed bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, aims to regulate stablecoins, cryptocurrencies pegged to the value of assets like the US dollar. The bill had previously faced a procedural hurdle due to concerns among Democrats regarding consumer protections, anti-money laundering provisions, and potential conflicts of interest related to the Trump family's involvement in the crypto industry.
Following negotiations, a revised version of the bill gained broader support, leading to a 66-32 vote in the Senate. The bill will now be debated on the Senate floor, with a final vote expected after the Memorial Day recess. The House of Representatives has already passed its version of a stablecoin bill, the STABLE Act, and both chambers will need to reconcile their versions before sending the final legislation to President Trump for approval.