Senate Passes GENIUS Act
The Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act ("GENIUS Act"). The final vote on the bipartisan bill was 68–30.
Senate Banking Committee Chair Tim Scott hailed the GENIUS Act as "a bold step forward," and emphasized that the Act brings much-needed clarity to a sector long mired in uncertainty.
Blockchain Association CEO Summer Mersinger called the passage a "historic milestone as the chamber’s first standalone, comprehensive pro-cryptocurrency legislation in the United States." Ms. Mersinger said the stablecoin market could soon exceed $2 trillion, with "more than 98% of stablecoins currently denominated in U.S. dollars." She commended lawmakers for advancing "bipartisan stablecoin legislation" and providing the "legal and regulatory clarity" essential to protecting consumers and fostering innovation.
The Digital Chamber ("TDC") described the passage of the Act a "massive victory for innovation and dollar dominance." TDC emphasized that the legislation "delivers long-overdue regulatory clarity" and preserves state-level roles in financial innovation. TDC touted the Act for its "strong guardrails" and "true consumer protections."
Oregon Senator Jeff Merkley argued that the Senate should have voted on his proposed anti-corruption amendments aimed at preventing elected officials from profiting off of "shady crypto practices." He called the vote a "Congressional seal of approval" for President Trump’s "Government for Sale" agenda. Senator Merkley also denounced the move as "the Mount Everest of corruption," citing "conflicts of interest and ethics violations."
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