- Senate passes GENIUS Act in 68-30 vote, boosting U.S. blockchain leadership efforts.
- Bill modernizes payment rails, offers stablecoin clarity, and dollar protection.
- Bipartisan support signals strong momentum for broader crypto regulation ahead.
By a vote of 68-30, the U.S. Senate has passed the bipartisan GENIUS Act, an important step toward the regulation of digital assets in the United States. The bills aim to make the United States a leader in blockchain innovation and protect the dollar’s dominance, both from foreign and domestic threats, through holistic stablecoin regulation.
Senator Cynthia Lummis lauded the passage as an important step to ensure that U.S. dollar supremacy is maintained and that its financial leadership is not compromised. The bill is a sign of progress and builds on it, the Wyoming senator stressed, noting that we still need to proceed to full-on market structure legislation in order to fulfill the regulatory framework for digital assets and consumer protection.
Legislation Targets Payment Modernization and Regulatory Clarity
The GENIUS Act encompasses several aspects of digital asset regulation and aims to modernize payment rails for the digital age, while providing clear regulatory parameters for stablecoin issuers. Bo Hines, Executive Director of the President’s Council of Advisers for Digital Assets, emphasized that the GENIUS Act empowers American consumers by enabling faster, cheaper, and more reliable transactions.
Key provisions include regulatory certainty for stablecoins, which have increasingly served as critical infrastructure in digital asset markets and cross-border payments. The bill is intended to safeguard the U.S. dollar as the world’s reserve currency by ensuring that American stablecoin services adhere to global standards, while also providing consumers with protections.
The bipartisan vote demonstrates a strong consensus in Congress in support of innovation in digital assets, as senators from both parties believe that maintaining American technology leadership is crucial. Sen. Bill Hagerty was congratulated for his efforts in moving the legislation forward, among others, including Sen. Tim Scott, for his work in forging a broad bipartisan consensus on the bill.
GENIUS Act Passage Sparks Momentum for Broader Crypto Legislation
The 68-30 vote margin provides strong momentum for additional digital asset legislation currently under consideration. Market structure bills addressing cryptocurrency exchange regulations, custody standards, and institutional investment frameworks are expected to advance following the GENIUS Act’s success.
The GENIUS Act’s emphasis on establishing U.S. dominance in digital asset innovation comes as international competition intensifies. Countries including the European Union, the United Kingdom, and various Asian nations have implemented comprehensive cryptocurrency regulations. This has created pressure for American policymakers to provide clear regulatory frameworks.
David Sacks and other administration officials have emphasized the importance of maintaining American leadership in emerging technologies. The digital asset sector has faced regulatory uncertainty that has driven some companies to establish operations in jurisdictions with clearer rules.
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