Senate Approves Landmark GENIUS Stablecoin Bill in Major Win for Crypto Industry
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On June 17, the U.S. Senate decisively passed the GENIUS Act (68-30), creating landmark federal regulations for stablecoin and sending the bill to the House for further consideration.
The bill champions rapid payment settlement and stronger consumer protections. It positions the Treasury Department as the primary regulator and mandates full reserve backing, monthly audits, and robust anti–money laundering controls.
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Corporate Titans Prepare as Washington Decides on Stablecoin Regulations
Senator Bill Hagerty (R–Tenn.), who introduced the bill six weeks ago, praised the vote as “a milestone for America’s leadership in digital finance,” promising “near‑instantaneous” transactions for businesses in place of days‑long settlements.
Co-sponsor of the bill Senator Kirsten Gillibrand (D–N.Y.), added that the GENIUS Act “will safeguard U.S. dollar dominance while enabling responsible innovation.”
Despite bipartisan momentum, Democrats failed to secure a Trump‑profit ban.
Senator Jeff Merkley (D–Ore.) called the final bill “rubber‑stamping crypto corruption,” after Republican Senators blocked an amendment to bar elected officials from personal gain.
President Trump disclosed $57 million in 2024 token sales and holds nearly 16 billion WLFI governance tokens, stakes critics warned could influence policy.
Next, the House must reconcile the Senate’s Treasury‑centric framework with its own STABLE and CLARITY Acts, which allocate oversight across the Federal Reserve, OCC, and other agencies.
Observers expect negotiations to stall final enactment by year’s end.
Industry titans are already mobilizing. Amazon, Walmart, and Airbnb have quietly explored stablecoin offerings, while Shopify announced USDC payments through Coinbase and Stripe integration.
Meanwhile, JPMorgan Chase unveiled JPMD, an institutional deposit token on Coinbase’s Base chain, signaling traditional banks’ intent to adapt without ceding ground to crypto‑native firms.
With the GENIUS Act poised to reshape payments, Washington’s next move will determine whether the U.S. sets the global standard for digital dollars or cedes ground to private market innovation.
Global Stablecoin Standards: Adapt or Lose the Economy
The intersection of politics and digital assets remains fragile, not only in the U.S. but also in South America and Europe.
Additionally, concerns surrounding President Donald Trump’s financial links to World Liberty Financial (WLFI)—the firm behind the USD1 stablecoin—have not subsided.
Critics, including Senator Elizabeth Warren and Representative Maxine Waters, have demanded full disclosure from the SEC on the Trump family’s relationship with WLFI, citing potential conflicts of interest.
Despite political friction, corporations are increasingly showing interest in stablecoins.
A Coinbase report reveals that 29% of Fortune 500 executives now plan to use stablecoins, up from just 8% last year. Already, 7% of firms have integrated them, with 60% exploring blockchain projects and 50% increasing investments.
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The momentum isn’t limited to big business. 81% of surveyed small-business financial leaders expressed interest in stablecoins, citing lower cross-border payment costs, faster payroll, and better access for the underbanked.
The growing adoption and acceptance of stablecoins, which now process over $700 billion in monthly transactions, have positioned them as an essential financial tool.
