On Tuesday evening, the Senate voted 68-30 in favor of the GENIUS Act, garnering significant bipartisan support. The legislation aims to create a federal regulatory framework for stablecoins—cryptocurrency tokens that maintain a value equivalent to the US dollar. Eighteen Democratic senators joined the majority of Republicans in backing the bill.
The Republican Party has increasingly aligned itself with the cryptocurrency sector, especially following a year in which over $131 million was contributed to Donald Trump’s presidential campaign from the industry. Only Senators Rand Paul from Kentucky and Josh Hawley from Missouri opposed the bill, both of whom have been vocal critics of large technology companies. The GENIUS Act will now move to the House of Representatives, where lawmakers are drafting parallel legislation known as the STABLE Act.
The bill’s passage was not always guaranteed. In May, nine Democratic supporters of the GENIUS Act reversed their stance and sought changes to its text. Soon after, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully blocked a vote on the bill, referencing ongoing controversies related to the Trump family and their cryptocurrency endeavors, including a notable dinner event associated with the $TRUMP memecoin.
Warren, a prominent figure in consumer protection and a member of the Senate Banking Committee, ultimately opposed the final form of the GENIUS Act. During a speech on June 11, she voiced concerns that the legislation lacked sufficient regulatory safeguards against potential corruption, stating, “It would make Trump the regulator of his own financial company and, importantly, the regulator of his competitors.”
Despite the opposition from some lawmakers, the approval of the GENIUS Act represents a significant win for the growing digital assets industry, which has invested heavily in lobbying efforts in Washington, engaging political consultants and even some congressional members to advocate for their interests. Prior to the vote, Seth Hertline, who leads Global Policy at the crypto wallet firm Ledger, described the GENIUS Act as a critical indicator for the future of the industry. “If the GENIUS Act derails, everything behind it derails,” he noted in an interview with Technology News.
