The U.S. Senate made a key move to regulate crypto, approving its first big vote 68-30 in favor of the GENIUS Act, a bill that targets establishing clear guidelines for stablecoin issuers.
This strong bipartisan vote signals a historic moment for the crypto industry, which has long awaited a clear and supportive regulatory framework in the United States.
For years, the Senate had been seen as the main obstacle to crypto regulations. But now, the mood is shifting, and lawmakers from both sides are coming together to support stablecoin rules.
The bill’s full name is Guiding and Establishing National Innovation for US Stablecoins of 2025. It establishes explicit regulations for stablecoins, or digital tokens backed by real-world assets such as the US dollar. USDC and USDT are notable examples that are widely utilized in cryptocurrency payments and trading.
Under the bill, stablecoins could be issued in the U.S. under either federal or state supervision. It even allows some non-financial companies to create their own coins, a point that has raised concerns among some Democrats.
Before the vote, Senator Bill Hagerty, the bill’s sponsor, emphasized the urgency of the legislation. He said the absence of clear regulations had pushed digital asset innovation overseas, putting both U.S. leadership and consumer safety at risk. “To modernize our payment system and restore our nation’s competitive edge, we must act now. That’s why I introduced the GENIUS Act,” Hagerty added.
When the GENIUS Act moves to the House of Representatives, lawmakers there will need to decide how to handle it. They could vote on the Senate version directly, combine it with their own market structure bill, or make changes before moving forward.
In any case, the House must also approve the bill before it can go to the president to become law. This progress in the Senate comes on the heels of major wins for the Digital Asset Market Clarity Act in the House.
