After a long wait and debate, the U.S. senate has finally passed the bill for the regulation of stablecoins into law.
The bill also known as the GENIUS Act was passed on 17 June in a 68-30 vote, paving the way for regulation of stablecoins and making them more suitable for everyday use.
Crypto dream come true
President Donald Trump has openly been in support of crypto, often referring to himself as the crypto president. It doesn’t stop there, as he is taking the entire country along with friendly legislation.
For many years, the crypto industry in the U.S. has been held back by lack of regulatory clarity, making it impossible to thrive as players don’t know what is right or wrong. That is about to change.
With the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act into law, the country is one step closer to becoming a crypto haven in line with the president’s dream.
Commenting, Senate Banking Committee Chairman Tim Scott, R-S.C. said:.
“Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people,”
The vote got rid of over 120 proposed amendments to the GENIUS Act, giving it its full power. However, it still has to pass through the house before final ascent by the president.
New dawn for crypto
The GENIUS Act is a major win for the crypto industry and brings a new dawn. Even prior to its passage, crypto giants like Circle were emboldened to go public, which has set the pace for more.
With the final passage in the senate, this could bring a new turn in the industry and the U.S. monetary system as a whole, with mainstream business having more confidence in dealing with one of the cheapest means of payment.
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