The GENIUS Act, aimed at creating a national regulatory framework for stablecoins, has cleared the Senate and is now awaiting further consideration in the House.
Key Provisions of the GENIUS Act
The GENIUS Act was passed by the Senate with a bipartisan vote of 68–30. The bill seeks to establish a regulatory structure for stablecoins, aimed at promoting financial innovation while protecting consumer rights.
Debate on Merging with the CLARITY Act
Some lawmakers are pushing to link the passage of the GENIUS Act with the CLARITY Act, which creates an overarching structure for regulating the cryptocurrency market. Merging the two bills could delay the final passage of the GENIUS Act and send it back to the Senate for further negotiations, although it may also provide a more robust regulatory framework for digital assets.
Support from President Trump
US President Donald Trump has urged the House to pass the GENIUS Act without amendments. He characterized the legislation as 'incredible' and 'pure GENIUS,' emphasizing the importance of stablecoins in modern finance and the need for regulation.
The GENIUS Act represents a significant step toward regulating stablecoins in the US. Its passage could bring clarity and legitimacy to the rapidly evolving digital asset market.
