GENIUS Act could strengthen dollar power, write ‘rulebook’ for global financial system
After clearing a key procedural vote, the GENIUS Act faces a final decision in the Senate before moving to the House of Representatives.
The Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, now faces a key vote in the United States Congress, and the stakes for the cryptocurrency industry are high.
If the US Senate passes the GENIUS Act on Tuesday, it would mark a significant step toward establishing a regulatory framework for stablecoins, delivering a potential win to both the crypto industry and the Trump administration, which is endorsing the bill. Approval in the Senate would send the legislation to the House for further consideration.
The Senate voted 68-30 to advance the bill on June 11, opening the GENIUS Act up to amendments before a final vote. Several Democrats joined a majority of Republicans to win the cloture vote.