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Key Points: GENIUS Stablecoin Act passes U.S. Senate procedural vote. First federal regulation for crypto considered. Bipartisan support drives legislative progress. The U.S. Senate approved a procedural vote for the “GENIUS Stablecoin Act” on June 12, potentially paving the way for new crypto regulations. The bill aims to establish a regulatory framework for stablecoins, marking a significant step for the crypto sector as trading and on-chain activity anticipated increase. Senate Procedural Vote Advances GENIUS Act U.S. Senate has approved the procedural vote for the “GENIUS Stablecoin Act,” signaling the beginning of full Senate debate and a final vote. If this bill is approved by the Senate, it will then move to the House of Representatives for further examination. Introduced by Sen. Bill Hagerty (R-Tenn.), this legislation aims to provide a structured regulatory framework for stablecoins, potentially becoming the first federal crypto asset regulation in the U.S. Bipartisan support was prominent as 18 Democrats crossed party lines to advance this bill. Some senators adjusted their support position, with Sen. Andy Kim (D-NJ) and Sen. John Hickenlooper (D-CO) showing newfound support, while Sen. Lisa Blunt Rochester (D-DE) now opposes it. If enacted, the bill will provide regulatory clarity for U.S. stablecoin issuers, stimulating further adoption of digital currencies in finance. Sen. Bill Hagerty (R-Tenn.), Sponsor of the GENIUS Stablecoin Act, “This legislation takes a common-sense, bipartisan approach to regulating stablecoins.” Market response has been cautiously optimistic. Sen. Elizabeth Warren (D-Mass.) expressed her staunch opposition, citing potential loopholes and insufficient safeguards. Meanwhile, the prospect of regulatory clarity is foreseen to boost on-chain activity for stablecoins like USDC and USDT. Potential Impact on Crypto Market and Global Leadership Did you know? Earlier attempts at federal crypto regulation often failed due to partisan disputes, but this marks the first Senate procedural success with bipartisan support…

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Filed under: News - @ June 12, 2025 2:15 am