The Senate voted 68–30 on Tuesday to pass the GENIUS Act, marking the first time the federal government has established clear legal boundaries for U.S. dollar-pegged stablecoins.
The bill outlines a regulatory path for banks, fintech firms, and private companies to issue stablecoins under Treasury Department oversight and mandates full reserves, audits, and anti-money laundering safeguards.
The move is a major win for the crypto industry, which spent roughly $250 million in the 2024 election cycle, and for President Trump, whose digital asset initiatives have expanded significantly since his return to office. Treasury Secretary Scott Bessent, who now gains sweeping authority over the sector, told lawmakers last week the stablecoin market could grow to more than $2 trillion in the coming years.
Though the bill faces an uncertain path in the Republican-controlled House, where the competing STABLE Act divides oversight among multiple agencies, Senate passage marks a turning point for federal crypto policy.
