The US Senate has passed the GENIUS Act, which aims to create clear regulations for stablecoins in the country.
Passage of the Bill
On June 17, 2025, the US Senate passed the GENIUS Act with bipartisan support. The final vote concluded with 68 in favor and 30 against. The bill will now proceed to the House of Representatives, where bipartisan support is anticipated.
Importance of GENIUS Act
The GENIUS Act has been emphasized by the Donald Trump administration as a crucial step in the development of crypto assets and the digital currency market. Senator Tim Scott noted that with the passing of this act, clarity will be brought to a sector previously shrouded in uncertainty. According to US Treasury Secretary Scott Bessent, a thriving stablecoin ecosystem could reduce government borrowing costs and help rein in the national debt.
Development of Stablecoins in the US
Experts believe that the stablecoin market could reach $3.7 trillion by the end of this decade. Leading financial institutions, such as JPMorgan, have already begun to develop stablecoins. On this day, the bank unveiled its JPMD stablecoin, backed by Coinbase Global.
The passage of the GENIUS Act marks a significant step towards stablecoin regulation in the US and can facilitate further development in this sector.
