The US Senate has formally approved the “Guidelines and Establishment of National Innovation for the 2025 US Stable Coin” or the Genius Act.
The main legal provisions established the first one A broad federal framework To oversee the stubcoin. It constitutes a major leap into mainstream digital assets.
The development took place just a week after the failed procedural vote. All 49 democratic senators blocked the move to call mucus Building considerationsstop the first path to the floor.
The next day, reports of bipartisan efforts to amend another voting bill emerged.
Key Democrats bounced back at the measure. Reuben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Kirsten Gillibrand (D-NY), and Angela Brooks (D-MD) – Voted against blood-sucking ships earlier this month using the genius law. Brooks and Gillibrand also initially co-hosted the bill.
Genius acts gain momentum with bipartisan support after procedural turnarounds
The bill has received over 60 votes and is now expected to move forward quickly to potentially floor votes tomorrow.
However, the bill still has to be voted in the House and signed into law by President Trump. If passed, the genius law is US.
Senator Bill Hagerty (R-TN) introduced the Genius Act. Secretary Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY) and Tim Scott (R-SC) were co-sponsors of the law that created the momentum of the two parties. The law is trying to throw away a A clear regulatory framework For stability, which has grown substantially and now has a total market capitalization of over $250 billion.
Just a few days ago, the bill failed to clear an important procedural vote. At the time, the confluence of political factors undermined support from pro-cryptic Democrats, including concerns about President Donald Trump’s conflict of interest related to cryptocurrency.
Supporters are welcoming geniuses and acting as innovation-driven
Under the Genius Act, Stablecoin issuers must own cash and/or Treasury securities reserves and comply with AML/ATF standards. The bill also allows the Federal Reserve to regulate stubcoins so that these digital assets function safely and securely.
Some members of Congress criticized the act of genius, even if they won bipartisan support. Sen. Elizabeth Warren (D-MA) was worried that the measure would benefit President Donald Trump. President Donald Trump was able to use it to expand his Stablecoin venture “USD1” and his meme coin. She said Trump allowed him to regulate his own digital currency.
However, supporters viewed genius behaviour as a necessary step towards responsible innovation. Senator Bill Hagerty called it a “pro-foreign” initiative and “the first ever regulatory framework for payment stability.”
Next week, the Senate will make history when passing the Genius Act, which establishes the first pro-continuation regulatory framework for payment stability. The bill will solidify control of the US dollar, protect customers, increase demand for the US Treasury, and ensure that innovation…
– Senator Bill Hagerty (@senatorhagerty) May 16, 2025
Bohines, executive director of the President’s Advisory Council for Digital Assets, also The bill has been approved.
The act of genius is to secure a future for America’s finances.
Stablecoins strengthen the US dollar’s control, modernize outdated payment rails, and give Americans a faster, cheaper, and more transparent way to move money.
Digital asset technology is the next generation…
-Bo Hines (@bohrines) May 16, 2025
Justin’s Massacre, Vise President of Paradigm Regulation Issues and Democrats provided by Democrats Practical approvalwhich says “close to the best we can get for years.”
Amanda Tuminelli, executive director and chief legal officer of the Defi Education Fund; Encouraged bipartisan supportargues that clear rules on stubcoins benefit consumers, small businesses, and the US dollar’s global position.
Reflecting this sentiment, Ji Kim, acting CEO of the Crypto Council for Innovation, explained that he called the vote a “critical step.” Clarity of regulations He said the law is essential to maintaining US leadership in the digital finance field.
Your Crypto News is worthy of attention – Key Difference Wire Place you on over 250 top sites
