Senate passes landmark GENIUS Act stablecoin bill

On Tuesday, the Senate first passed the Genius Law, a turning point invoice, which created federal railings for the US Dollar Peggged Stablecoins and created a way to give a digital dollar with the blessing of the federal government.

The bill passed by 68-30 votes.

Currently, the most crypto congress in the US history and a milestone for the crypto industry, which puts approximately 250 million dollars in the 2024 cycle to choose the things that are considered as the expanding digital asset empire of President Donald Trump.

One of the sponsors of the bill, DN.Y. You. “Genius law will protect consumers, provide responsible innovation, and maintain the dominance of the US dollar.” He said.

The bill still faces obstacles in the Republican house, but the transition in the Senate points to a turning point not only for technology, but for the political influence behind it.

For the guidance and establishment of national innovation for the US Stablecoins law, the short -range law determines railings for the sector, including full reserve support, monthly inspections and anti -money laundering compatibility.

It also opens the door of a wider exporter, including large retailers who want to start banks, fintechs and their own stablecoins or integrate into existing payment systems.

Legislation, US Stablecoin to a Senate appropriation sub -committee last week Sunday It may rise above about 2 trillion dollars over the next few years.

The passage of the bill, the republicans “Trump’s crypto corruption” accusing and accusing the President of the President “access to the government for personal profit” Sen Sen Sen. Jeff drew a sharp criticism from Merkley.

Merkley forced to make a change in order to prevent selected authorities from earning digital assets personally, but GOP deputies have prevented all efforts to get the floor vote.

In May, the Senate Democrats introduced the “Last Crypto Corruption Law” led by Merkley and the minority leader from New York, Chuck Schumer, and prohibited the selected authorities and senior executive branch staff and their families to remove digital assets.

Genius is now going to House, which has its own version of Stablecoin Bill. Both prohibit the consumer Stablecoins with efficiency-but directly guides who organizes what.

While the version of the Senate centralizes the surveillance with the Treasury, the Assembly divides the authority between the federal reserve, the supervisor of the currency and the others. According to the assistants of the congress, it may take some time to reconcile the two.

The Genius Law had to be the easiest crypto bill, but it took months to reach the Senate floor, it failed once, and it was only after violent negotiations.

“We thought it would be the easiest to start with Stablecoins,” he voice Cynthia Lummis, R-Wyo., in question At the Bitcoin 2025 Conference, which focuses on this year’s Stablecoins, on stage at Las Vegas.

“It was extremely difficult. I had no idea how difficult it would be it,” he said.

You at the same event. Bill Hagerty, R-Tenn., disappointing: As a result, the 18 Senate democrats passing the corridor, “It was a murder to take them there.”

Stablecoins is a subset of crypto currencies fixed to the value of real world assets. About 99% of all stablecoins It depends on the price of the US dollar.

They instantly offer placement and lower trading fees, cut off the intermediaries and directly threaten the old payment rails.

Do shopping already released USDC-To payments Coin And the lane. Bank of AmericaHe said CEO last week At the Morgan Stanley conference, the bank chatted with the sector and discovered the export of stablecoin individually.

Deutsche Bank Stablecoin transactions reached 28 trillion dollars last year and Mastercard and Visa came together.

Still, there are limits. The Genius law restricts the direct stablecoins to provide non-financial non-financial technology companies directly stablecoins unless they are established with or not partners-this is a provision to blind the monopoly concerns.

JPMorgan ChaseMeanwhile, it takes a different route, releasing the JPMD, a deposit getone designed to function like a stablecoin, but strictly integrated with the traditional banking system.

JPMD, which is published in Coinbase’s basic block chain, can only be used for corporate customers and offers features such as 7/24 settlement and interest payments-wider pushing by the old finance to adapt to the stablecoin period without preparing the ground for companies.

Forbes almost predicted Trump’s crypto owners 1 billion dollarsThe total net value of $ 5.6 billion.

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