The overwhelming bipartisan passage of the U.S. Senate’s stability bill, a 68-30 final vote, brought a massive surge of Democrats to join the Republican opposition on Tuesday, setting a new high-level marker for U.S. crypto policy efforts, as the legislation is now House legislation.
Major democratic support Guiding and Establishing the Stable National Innovation (Genius) Act of the United States in 2025 Help it land in another conference hall, during which House members can vote in writing, or pursue changes, which require advancement in the Senate before heading to President Donald Trump’s desk.
In writing, the bill will develop guardrails around the approval and supervision of U.S. issuers. Companies that provide these digital assets to U.S. users will have to meet strict reserve requirements, transparency requirements, money laundering compliance and regulatory oversight, which may also include new capital rules.
Ji Kim, acting CEO of the Crypto Innovation Committee, called it a “historic step in the digital asset industry” in a prepared statement shared before the vote
“This is a victory for the United States, a victory for innovation, and a huge step in proper regulation of digital assets in the United States,” Amanda Tuminelli, executive director and chief legal officer of the Defi Education Foundation, said in a similar statement.
Although it failed to convince some of the most voiced democratic critics, such as Senator Elizabeth Warren
not coping with the conflict brought about by President Trump’s personal crypto engagement and clearing the path of tech giants like Amazon to issue their own coins, bill supporters basically argue that doing nothing is not an option.
“With this bill, the United States is closer to becoming a global leader in cryptocurrencies,” said Sen. Bill Hagerty, Republican of Tennessee. “The value of stablecoins will be pegged to the dollar and supported one-to-one through cash and short-term U.S. treasury. This will provide certainty and confidence for the wider adoption of this transformation technology.”
While it was the first important crypto bill to clear the Senate, it was also the first time that the Stablacken bill passed two bills, despite years of negotiations with the House Financial Services Committee, which managed to enact other major crypto legislation at its last congressional meeting.
The fate of the Genius Act is also closely linked to the House’s own Digital Asset Market Clarity Act, a broader crypto bill that will establish the legal basis for the broader U.S. cryptocurrency market. Stablecoin’s efforts are slightly greater than the larger task of the Market Structure Act, but the industry and its MP allies believe they are inseparable and need to be merged into law. So far, the relevant House committee has cleared the Clarity Act and awaited floor action.
Lobbyists in the crypto industry are now turning to the House on both issues. A new report from TRM Labs on Tuesday said Stablecoins accounts for more than 60% of current crypto transactions, with more than 90% of coins fixed on the dollar exchange rate – dominated by USDC and USDT.
“While TRM estimates that 99% of Stablecoin activity is LICIT, its speed, scale and liquidity make them attract illegal uses, including ransomware payments, fraud and terrorist financing,” the analysis group noted.
Illegal finance represents one of the main complaints of Congress critics.
Read more: Can the dominance of ropes survive the U.S. Stability Act?
