The US Senate passes the GENIUS Act, which establishes the first federal regulatory framework for dollar-pegged stablecoins; the bill now heads to the House

The Senate on Tuesday passed the GENIUS Act, a landmark bill that for the first time establishes federal guardrails …

CNBC 2025-06-18 MacKenzie Sigalos

Context & Ripple Effects

The vote follows the Senate's earlier advance of the stablecoin bill after Democratic opposition eased, turning a procedural breakthrough into passage and moving the decision to the House.

It is the legislative midpoint of an arc that later saw the House send the bill to the president and, after enactment, the FDIC propose an issuer framework involving reserve assets. The significance is the shift from a bill under negotiation to a federal framework headed toward implementation.

First-order effects

The House becomes the immediate gatekeeper: Senate passage sends the GENIUS Act there for consideration rather than putting federal requirements into force immediately.
Dollar-pegged stablecoin issuers gain a clearer prospective federal rulebook, contingent on the House completing the legislation.

Second-order effects

Crypto firms and stablecoin issuers can organize product, reserve, and compliance planning around a more credible path to federal rules, while they await the House outcome.
A House decision would determine whether the measure becomes a national baseline or leaves stablecoin oversight without the proposed federal framework.

Third-order effects

If enacted and implemented, the measure points to stablecoins becoming a more formalized part of the financial system, with issuer regulation shaped by federal agencies rather than legislative uncertainty alone.
The later FDIC proposal suggests the durable question shifts from whether to regulate to how reserve and issuer standards are designed and enforced.

The trend: This is one step in the institutionalization of dollar-pegged stablecoins through federal legislation followed by agency rulemaking.

Discussion

@carnage4life Dare Obasanjo on bluesky
There is now a U.S. regulatory framework for stablecoins such as Ripple, Tether and USDC. — A huge win for the crypto industry as this legitimizes one of the few valid use cases for crypto which primarily existed because foreign currency transactions are heavily regulated.
@kingrat.us Philip Weiss on bluesky
Not a fan of the GENIUS Act, but I suspect part of the reason it passed was because there was little organized opposition to it. I never once saw an org asking people to call congresscritters, run ads, etc. Lots of people writing how bad it is, few *organizing* against it.
@nkb121 Nate on bluesky
Might delete later but I made the mistake of wandering over to the bad site to see what folks are saying about the Genius act and some erstwhile libs are defending it as the cost of doing business in politics. No. Placing a ticking time-bomb in the economy is not the cost of doi…
@jessemackinnon.com @jessemackinnon.com on bluesky
Even after everything Trump has done to Los Angeles and the state of California, Senators @schiff.senate.gov and @padilla.senate.gov voted with Republicans to pass the GENIUS Act, a massive giveaway to the crypto industry and a win for Trump's most corrupt allies. [embedded post…
@daverino David on bluesky
“Trump..argues that the Genius Act would take our country to a modern future. But what they seem to forget is that America had a similar banking system more than 150 years ago, & it unleashed chaos & financial ruin” — www.nytimes.com/2025/06/17/o...
@fartingfascists @fartingfascists on bluesky
“GENIUS” Act 🤔 — Like it's “GENIUS” we can now have state sanctioned money laundering to cover things like political bribery. Or conceal human trafficking? I mean absolutely “GENIUS”!
@lexi6toes @lexi6toes on bluesky
@kirstengillibrand.bsky.social — @markwarner.bsky.social — @gallego.senate.gov — @alsobrooks.senate.gov — You WORKED TO PASS the GENIUS Act — Without guardrails for A PRESIDENT TO PROFIT while in OFFICE! — Really? — This will age as well as voting for Rubio did. 🙄 …
@lizzyvoice @lizzyvoice on bluesky
“This is a bill that was written by the industry that will supercharge the profitability of Donald Trump's crypto corruption, while it undercuts consumer protection and weakens our national defense,” Sen. Elizabeth Warren, D-Mass. — www.nbcnews.com/politics/con...
@robertscotthorton Scott Horton on bluesky
No Democrat voting for this bill should be returned to Congress. www.nbcnews.com/politics/con...
@molly.wiki Molly White on bluesky
“'If Dems bail on [the GENIUS Act], they will get 0 dollars going forward,' said Avichal Garg, a managing partner at the venture capital firm Electric Capital, which focuses on digital asset technology like cryptocurrency. ‘It would be political suicide for them not to support i…
@secscottbessent Treasury Secretary Scott Bessent on x
Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act. A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back …
@paoloardoino Paolo Ardoino on x
GENIUS 🧠🦅🇺🇸
@senlummis Senator Cynthia Lummis on x
The GENIUS Act has passed the Senate.
@senatordurbin Senator Dick Durbin on x
Today, I voted NO on the GENIUS Act. With no amendment process, this bill will allow crypto ATM scams to continue at the expense of unsuspecting Americans. Conveniently, it also allows the President and his family to continue owning, issuing, and profiting off of stablecoins.
@bohines Bo Hines on x
Excited to see the GENIUS Act pass today. This landmark legislation will: • Upgrade our payment rails for the digital age • Establish U.S. dominance in digital asset innovation • Protect the U.S. dollar's role as the world's reserve currency • Deliver regulatory clarity for
@brian_armstrong Brian Armstrong on x
Stablecoins are a viral loop for crypto onboarding: Businesses Instantly feel receive stables → the benefits ↑ ↓ Pay vendors ← shocked.JPEG in stables
@milesjennings Miles Jennings on x
This is a huge milestone. Moving our financial system onchain will benefit everyone. Now, we have to ensure the blockchains that stablecoins live on are safe and secure for everyone. There's only one way to do that — the CLARITY Act.
@senatorhagerty Senator Bill Hagerty on x
The GENIUS Act establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United
@repbryansteil Bryan Steil on x
The Web3 race is here and America is ready to lead. Stablecoin and market structure legislation will unlock the Golden Age of digital assets.
@davetroy Dave Troy on x
Democrats need to get up to speed on crypto and understand it as nothing less than a threat to the rule of law, and nation states themselves. There is no ‘political compromise’ to be had here. https://www.nytimes.com/...
@brookingsecon @brookingsecon on x
With the GENIUS Act moving through the Senate and the STABLE Act pending in the House, Congress is getting closer to finalizing a federal regulatory framework for stablecoins. In a new paper, @davidmwessel and Jack Spira examine stablecoins' uses and the risks they pose.
@vishalkgupta Vishal K. Gupta on x
This will end up being a 1000 flowers blooming. Expect to see a large amount of Stablecoins launch from exchanges, web 2 giants and banks.
@senatorhagerty Senator Bill Hagerty on x
The GENIUS Act has PASSED in the Senate! [video]
@senpeterwelch Senator Peter Welch on x
The GENIUS Act prohibits members of Congress and their families from profiting off stablecoins, but Republicans wrote a carveout into the legislation to make sure at least one person can profit. President Trump. I just voted against it.
@senatorslotkin Sen. Elissa Slotkin on x
My statement on passage of the bipartisan Genius Act. [image]
@nic__carter Nic Carter on x
i like how Bessent said stables could reach $2T less than a week ago and now it's $3.7T. he should throw in some rocket emojis too.
@rbreich Robert Reich on x
Why are some Democratic senators backing the GENIUS Act, which would turbo-charge Trump's crypto corruption? Follow the money: most have received major financial support from the crypto industry or are scared of crossing it. We must get Big Money out of politics.
@cdixon Chris Dixon on x
Today the Senate took the historic step by passing the GENIUS Act with broad bipartisan support. This stablecoin bill protects consumers and gives entrepreneurs the guardrails they need to drive innovation and economic growth in crypto and beyond. Now we need comprehensive mark…
r/CryptoCurrency r on reddit
Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win
r/politics r on reddit
Senate passes landmark GENIUS stablecoin bill, giving crypto industry its first major win

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