GENIUS stablecoin bill passes in the US with more than 60 votes

Washington, D.C. – May 20, 2025

The U.S. Senate has officially passed the GENIUS Act – a major milestone for crypto regulation in the United States.

Short for Guiding and Establishing National Innovation for U.S. Stablecoins, the GENIUS Act lays the groundwork for federal oversight of payment stablecoins. The bill received overwhelming bipartisan support, clearing the 60-vote threshold required for passage.

What the GENIUS Act Does

The bill creates a legal framework for stablecoin issuers operating in the U.S., aiming to bring more clarity and security to a fast-growing $250 billion market. Key provisions include:

• Mandatory Reserves: Stablecoins must be backed by liquid, low-risk assets like U.S. Treasury bills.
• Compliance Requirements: Issuers must follow strict anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
• Bankruptcy Protections: Holders of regulated stablecoins will be given priority status if an issuer goes under.
• Federal and State Oversight: Regulators will share responsibilities depending on the size and scale of the issuer.

Debate and Politics Around the Bill

The bill wasn’t without its critics. Some lawmakers voiced concerns about how it might benefit certain political or private entities with ties to stablecoin projects. Others warned about possible loopholes or unintended consequences that could surface later.

Still, the majority in the Senate agreed that the U.S. needs clear rules to manage the growing role of stablecoins in the financial system.

What Happens Next

The GENIUS Act now moves to the House of Representatives for consideration. If it passes there, it will head to the President’s desk for signing.

What It Means for Crypto

For the crypto industry, this is a big deal. For the first time, stablecoins may operate under a clear, federal regulatory structure. It’s a move that could encourage broader adoption, give consumers more protection, and push U.S. leadership in digital finance forward.

The bill could also impact how major stablecoins like USDC and USDT are issued and managed going forward.

More developments are expected soon as the bill heads to the House.