TLDR:

Senate passes GENIUS Act, first U.S. bill focused solely on payment stablecoins.
Ripple CEO praises the act as a historic move in digital asset legislation.
Bipartisan bill advances after over 40 amendments reviewed in Senate committee.
GENIUS Act may shape global stablecoin policy and U.S. crypto oversight leadership.

The U.S. Senate has approved the GENIUS Act, a pivotal bill establishing a regulatory foundation for payment stablecoins. This move signals a major step in digital asset oversight as lawmakers push to provide clarity within the crypto sector. 

With broad bipartisan backing, the bill aims to safeguard consumers while reinforcing national security measures tied to digital finance. 

The legislation reflects months of negotiations involving lawmakers, industry voices, and regulatory experts. As the bill advances to the House, it positions the U.S. to lead on stablecoin regulation globally.

GENIUS Act Receives Bipartisan Senate Backing

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed the Senate following bipartisan negotiations led by Senator Tim Scott of South Carolina. 

The Senate just passed the GENIUS Act — landmark legislation to establish the first regulatory framework for payment stablecoins.

Under @SenatorTimScott’s leadership, we’re cementing U.S. leadership in digital assets. https://t.co/mN2TveKl1I

— U.S. Senate Banking Committee GOP (@BankingGOP) June 17, 2025

Co-sponsored by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, the bill is the first of its kind to target payment stablecoins directly. The Senate Banking Committee advanced the bill in March after reviewing nearly 40 amendments, with support from all Republicans and five Democrats.

Senator Scott emphasized that the legislation delivers much-needed clarity to a space clouded by regulatory uncertainty. He said the bill was shaped through consultations with digital asset firms, legal scholars, and public officials. This foundation, Scott explained, helped craft a framework that balances innovation with accountability.

Industry Voices Welcome Congressional Progress

Ripple CEO Brad Garlinghouse acknowledged the Senate’s move, noting the act as a landmark for digital asset legislation. 

He described it as the first major financial policy shift since the Dodd-Frank Act and praised the collaborative effort behind its passage. Garlinghouse, like many in the sector, has long called for clearer crypto rules from Congress.

The GENIUS Act now heads to the House, where industry participants hope the momentum continues. The bill’s structured approach to stablecoin oversight is expected to influence global regulatory conversations.

For YEARS, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road. This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment.

Thank… https://t.co/Urt2wc9fG6

— Brad Garlinghouse (@bgarlinghouse) June 17, 2025

When Senator Scott became Chairman of the Senate Banking Committee, he prioritized establishing rules for the digital economy. As part of this commitment, he launched the Senate’s first Subcommittee on Digital Assets, chaired by Senator Lummis. 

The GENIUS Act represents the committee’s first legislative milestone of the 119th Congress.

The bill not only promotes responsible innovation but also positions the U.S. to shape international digital finance standards. With Senate approval secured, stablecoin regulation enters a new phase that could redefine crypto’s legal boundaries across the country.

 

The post Senate Passes GENIUS Act to Regulate Stablecoins; Ripple CEO Calls It a Landmark Win appeared first on Blockonomi.

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Filed under: Bitcoin - @ June 18, 2025 8:25 am