The U.S. Senate is on the brink of taking a historic step in cryptocurrency oversight as Senate Majority Leader John Thune initiates the process for a vote on a major piece of digital asset legislation.
Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the bill at issue, would essentially create a regulatory framework for the launch of stable coins in the U.S. and the upper chamber’s consideration of any sweeping crypto measure is its first.
GENIUS Act Gains Broad Bipartisan Support
A Republican from South Dakota, Thune has started fast-tracking the GENIUS Act, a rare show of bipartisan urgency to drag much-needed order and clarity to what is turning into a crowded, fast moving sector of the financial world.
His procedural move figures to avoid procedural delays and floor debate and speed the legislation toward what’s expected to be a final vote. An exact date for the vote however has not yet been provided but the Senate Banking Committee has already passed the bill by a sizable 18-6 bipartisan margin, meaning there’s strong support inside the chamber for the bill.
GENIUS Act Faces Next Test in House of Representatives
A vote in the House of Representatives is expected in the near future on a parallel version of the legislation that it has been working on. The two chambers would then have to find common ground on the legislation, which the House Financial Services Committee gave a green light to in April. Senator Bill Hagerty, the Tennessee Republican who authored the bill, said in a statement:
“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.”
Our landmark legislation is a huge victory for the digital assets industry and a critical step in securing our nation’s financial future. I want to thank @SenatorHagerty @SenatorTimScott for their leadership & @LeaderJohnThune for bringing this important legislation to the floor https://t.co/E7Rv4KHsPn
— Senator Cynthia Lummis (@SenLummis) May 1, 2025
Senator Tim Scott, chairman of the Senate Banking Committee, has provided critical backing for his efforts. The Senate and House bills are as much as 90% similar, according to Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets and the so-called ‘crypto sherpa’ over Donald Trump.
GENIUS Act Edges Closer to Defining U.S. Crypto Law
Bo Hines says both chambers are now working to reconcile any remaining differences in how that language is worded or what is being addressed.
Hagerty also announced that he would bring a revised version of the bill, he introduced earlier Thursday, indicating that negotiations and refinement of the law are ongoing as the legislation heads toward the Senate floor.
It appears Hagerty will be releasing a new version of the GENIUS Act shortly. The original GENIUS Act was bill S. 394. I believe what Cornyn brought up from the desk was labeled S. 1582.
— Brendan Pedersen (@BrendanPedersen) May 1, 2025
If the GENIUS Act is passed, its authors will have laid the groundwork for stablecoin issuers to do business in the U.S. under U.S. law and could have a giant influence over the future of digital finance, both here and abroad.
Conclusion
If the GENIUS Act becomes law in the United States, stablecoin oversight will take a major step forward. Both chambers of Congress move fast towards approving the bill because lawmakers receive backing from every political party, making the U.S. the world’s leader in digital asset governance.
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FAQs
Q1: What is the GENIUS Act?
The GENIUS Act aims to create U.S. regulations for stablecoin issuers, marking the first major crypto bill in the Senate.
Q2: Who is leading the GENIUS Act in the Senate?
Senate Majority Leader John Thune and Senator Bill Hagerty are leading the push for the bill, with support from Senator Tim Scott.
Q3: What progress has the GENIUS Act made?
The bill passed the Senate Banking Committee with bipartisan support, and a similar bill was advanced in the House.
Q4: How similar are the House and Senate bills?
The bills are about 90% similar, with lawmakers working to reconcile the remaining differences.
Glossary Of Key Terms
GENIUS Act
A proposed law to regulate stablecoin issuers in the U.S.
Stablecoin
A cryptocurrency designed to maintain a stable value, often pegged to a fiat currency.
Senate Majority Leader
The leader of the majority party in the U.S. Senate.
Bipartisan Support
Support from both political parties.
Senate Banking Committee
The Senate committee handling banking and financial regulations.
House Financial Services Committee
The House committee overseeing financial and digital asset regulations.
Crypto Bill
A law focused on regulating cryptocurrencies.
References
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