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GENIUS Act Gains Bipartisan Momentum as Crypto Regulation Takes Center Stage
Lawmakers Aim to Set Global Standard for Stablecoin Oversight
The U.S. Senate is nearing a landmark decision on stablecoin regulation as it prepares to vote on the GENIUS Act. The Guiding and Establishing National Innovation for U.S. Stablecoins Act would be the first major crypto legislation to advance through Congress. Its purpose is to create a standardized regulatory framework for stablecoin issuers, ensuring equal treatment of U.S. and foreign digital asset companies.
Senate Majority Leader John Thune is leading efforts to fast-track the bill, aiming to bypass procedural hurdles and bring it to a full Senate vote soon. The Senate Banking Committee already passed the legislation with strong bipartisan support in an 18-6 vote. The House Financial Services Committee approved a similar version in April, increasing the likelihood of cross-chamber alignment.
Senator Bill Hagerty, the bill’s sponsor, stressed the importance of protecting U.S. consumers and ensuring innovation remains within national borders. Backed by Senator Tim Scott, chairman of the Senate Banking Committee, Hagerty emphasized applying equal standards to international stablecoin firms.
According to Bo Hines, senior advisor to President Donald Trump and executive director of the Presidential Council of Advisers for Digital Assets, the Senate and House bills are about 90% aligned. Lawmakers are working to reconcile minor differences and finalize the legislation for passage.
Stablecoins now play a crucial role in digital finance. Industry leaders believe that clear regulation could foster institutional adoption and bring greater legitimacy to the market. The GENIUS Act may not only define the future of crypto oversight in the U.S. but also influence global approaches to digital currency governance.