The US Senate has voted in favor of a bill aimed at setting rules for stablecoins, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
The bill passed with a 68-30 vote on June 17, around a month and a half after it was introduced by Senator Bill Hagerty of Tennessee.
Hagerty said the law would help the US lead in cryptocurrency and facilitate faster payments for both companies and individuals. He pointed out that, if passed, people could send and receive money in seconds, rather than waiting days.
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The GENIUS Act still needs approval from the House of Representatives. Lawmakers are also expected to review a related proposal, known as the STABLE Act. That version might get new suggestions or changes before both bills can be combined and sent to President Donald Trump.
US Treasury Secretary Scott Bessent commented on the bill in a June 17 post on X:
Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with the passage of the GENIUS Act.
If the bill becomes law, companies could have a clearer path to launching their own stablecoins. Tech giants like Apple, Google, Airbnb, and Elon Musk’s platform X have reportedly been exploring this idea.
Two senators also raised the question of whether Meta, Facebook’s parent company, might try to re-enter the industry if the GENIUS Act moves forward. What did they say? Read the full story.
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