The US Senate passed the GENIUS Stablecoin Bill with a 68-30 vote on Tuesday, moving the legislation closer to becoming law. Known officially as the “Guiding and Establishing National Innovation for US Stablecoins Act,” the bill sets a framework for stablecoin payments across the country.
Senator Bill Hagerty of Tennessee introduced the GENIUS Stablecoin Bill six weeks ago. Speaking before the vote, he said it would help Americans and businesses settle payments almost instantly, instead of waiting days or weeks.
The Senate passed the bill without adopting amendments related to Donald Trump’s financial involvement in World Liberty Financial, the firm that issued the USD1 stablecoin in March. Democratic senators had demanded more scrutiny over Trump’s ties to the issuer, but those calls were not addressed in the Senate version.
The GENIUS Stablecoin Bill will now head to the House of Representatives. There, lawmakers will also consider the STABLE Act, the bill’s House version. The House holds a slim Republican majority, and further amendments remain possible.
World Liberty Financial and Trump Ties Remain a Focus
The bill’s initial failure in a May cloture vote stemmed from Democratic concerns about the Trump family’s stake in World Liberty Financial. The company launched the USD1 stablecoin in March, adding controversy to the legislative debate.
Bartlett Naylor, policy advocate at Public Citizen, criticized lawmakers for not addressing Trump’s involvement.
“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift — the largest, most flagrant corruption in presidential history,” he said in a statement.
The GENIUS Stablecoin Bill now moves alongside the CLARITY Act, which aims to define digital asset market structure. Versions of the CLARITY Act passed through the House Agriculture Committee and House Financial Services Committee last week. A full vote is still pending.
Democratic lawmakers have continued to push for more transparency about Trump’s role in the crypto industry, especially as legislation progresses through both chambers.
Stablecoin Market Could Reach $3.7 Trillion, Bessent Says
In a post on X, Treasury Secretary Scott Bessent commented on the bill’s potential market effect.
“Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade,” Bessent wrote. “That scenario becomes more likely with passage of the GENIUS Act.”
Reports indicate several major tech firms have started evaluating possible stablecoin issuance. These include Apple, Google, X, and Airbnb, all reportedly reviewing regulatory conditions tied to the GENIUS Stablecoin Bill.
Two US senators have raised questions about Meta’s potential return to the stablecoin sector. Meta previously abandoned its Diem stablecoin project, but clearer rules under this legislation could renew corporate interest in digital payments.
David Sacks Confirms Trump Backs Republican-Led Crypto Bills
David Sacks, named as Donald Trump’s AI and crypto lead, confirmed that the administration supports the GENIUS Stablecoin Bill and other Republican-led crypto efforts. He made the statement in May, during ongoing talks in Congress.
The GENIUS Stablecoin Bill, combined with the CLARITY Act and STABLE Act, reflects a broader push to regulate digital assets under federal law. Although the Senate passed the bill, the House vote and possible amendments will determine the final outcome.
The GENIUS Stablecoin Bill remains linked to political debates around Trump’s financial interests. Meanwhile, the CLARITY Act continues to progress, aiming to define the legal structure of crypto markets in the United States.
