12-6-2025 – The United States Senate voted 68-30 in favour of advancing the GENIUS Act, a critical piece of legislation designed to regulate the $254 billion stablecoin sector. This rare show of bipartisan support marks a significant moment in US financial history. The cloture vote effectively ends debate and sets the stage for a final Senate vote expected within days, after which the bill will proceed to the House of Representatives.
Invoked, 68-30: Motion to invoke cloture on Hagerty substitute amendment #2307 to Cal. #66, S.1582, GENIUS Act.
— Senate Cloakroom (@SenateCloakroom) June 11, 2025
What is the GENIUS act?
The GENIUS Act (Government-Enforced National Integration of Ubiquitous Stablecoins) aims to establish a clear regulatory framework for stablecoins—digital assets typically pegged to the US dollar. The Act seeks to provide legal clarity and safeguard market integrity while fostering innovation in the rapidly evolving crypto payments space.
Strengthening the role of the US dollar
According to Scott Bessent, the 79th US Treasury Secretary, the GENIUS Act could solidify the global dominance of the US dollar. By supporting the growth of dollar-backed stablecoins, the Act may drive demand for US Treasuries and bonds, creating a reinforcing loop that boosts confidence in American financial assets.
Federal reserve backs stablecoin innovation
The Federal Reserve views stablecoins as a new channel to enhance competition in the digital payments sector. By regulating these assets, the GENIUS Act could attract institutional investors, increase market liquidity, and promote broader adoption of digital currencies within a controlled and trusted framework.
Global implications for crypto and finance
With the United States accounting for nearly 25% of global GDP, the GENIUS Act’s impact could extend well beyond domestic borders. The legislation is likely to set a global precedent, influencing how other nations craft their own digital asset regulations and encouraging the mainstream adoption of regulated stablecoins.
