The U.S. Senate has passed a significant bill aimed at regulating stablecoins, signaling a major win for the cryptocurrency industry. The legislation—titled the GENIUS Act—received bipartisan support in a 68-30 vote, marking the first time the Senate has approved comprehensive crypto-related legislation.The bill lays the groundwork for a federal regulatory framework for stablecoins, digital assets pegged to the U.S. dollar, which are often viewed as more stable than other cryptocurrencies like Bitcoin. Supporters argue that the law will modernize the U.S. financial system and bridge the gap between traditional and decentralized financial markets.Republican Senator Bill Hagerty of Tennessee, the bill’s lead sponsor, said it would strengthen demand for U.S. Treasury securities and help sustain the dollar’s global influence. He framed the measure as a critical step toward integrating digital currency into mainstream finance.The bill’s passage followed a robust lobbying effort by the crypto sector, eager to shed its reputation for volatility and scandal and gain formal recognition in Washington. However, the bill faced strong resistance from some Democrats. Critics argued it lacked sufficient safeguards, including anti-corruption provisions to prevent political figures—such as former President Trump and his family—from financially benefiting through crypto dealings.Before becoming law, the GENIUS Act must still pass the House of Representatives and be signed by the president.If enacted, the legislation could reshape how digital currencies operate in the U.S., granting the crypto industry a level of legitimacy and oversight it has long sought.
