The U.S. Senate is preparing for an important vote on the GENIUS Act, which may dictate the future of stablecoins in the country. This vote is scheduled for June 17 and may serve as a turning point in crypto regulation.
What’s the GENIUS Act About?
The full name of the bill is the Guiding and Establishing National Innovation for U.S. Stablecoins Act. Its goal is to bring legal clarity to stablecoins by setting specific rules for issuers. If passed, stablecoin providers would be required to fully back their tokens with U.S. dollars or other liquid assets. The bill also mandates yearly audits for companies that issue more than $50 billion worth of stablecoins, and it includes extra compliance measures for foreign issuers like Tether.
What Happens After the Senate Vote?
If the Senate passes the GENIUS Act, the bill will move to the House of Representatives for further review and voting. The House already has its version of a stablecoin bill, called the STABLE Act, which was passed out of committee in May. However, the two bills differ in some key areas, especially in how they regulate state-based issuers and handle oversight for foreign stablecoin companies. For the legislation to become law, both the Senate and House must agree on a final version of the bill.
Why This Matters Now
Stablecoin legislation has become a hot topic, especially after President Donald Trump voiced support for clearer crypto laws. Trump wants to see progress by August, adding urgency to the process. Earlier this week, U.S. Treasury Secretary Scott Bessent said that passing such a law could open the door for massive growth in the stablecoin sector. He even predicted the market could explode to over $2 trillion by 2028. Right now, the USD stablecoin market stands at around $252 billion, according to CoinGecko.
Tuesday’s vote could be the first major step toward building a clear and unified rulebook for stablecoins in the U.S. Whether the GENIUS Act becomes law or not, it’s clear that Washington is finally getting serious about crypto regulation.
