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, the upper chamber of the country’s Congress, passes the GENIUS Act on Tuesday, it would move the country one step closer to regulating stablecoins, scoring a big win for the crypto industry and for the Trump administration, which is supporting the legislation. The bill’s next stop is the House of Representatives, where it will undergo further scrutiny from lawmakers.
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, with some echoing US President Donald Trump’s desire to make the country “the crypto capital of the planet.”
