In a significant development, the Senate passed the GENIUS Act on Tuesday, a bill establishing the country’s first regulatory framework for dollar-pegged stablecoins.
Prominent names tied to the cryptocurrency industry soon took to social media to celebrate the passage.
What happened: Brian Armstrong, CEO of America's largest cryptocurrency exchange, Coinbase Global Inc. COIN, called it a "big milestone."
Paolo Ardoino, CEO of the world's largest stablecoin-issuing company, Tether USDT/USD, wrote "GENIUS" in a post, alongside the emojis of the U.S. national flag and the national bird, the bald eagle.
Jeremy Allaire, co-founder and CEO of the newly listed stablecoin company, Circle Internet Financial CRL, said that "history was being made" and the legislation would help "drive U.S. economic and national competitiveness" in the years to come.
Interestingly, Treasury Secretary Scott Bessent, who has strongly backed the GENIUS Act, said that its passage could help stablecoins grow into a $3.7 trillion market by the end of the decade.
While the bill passed with bipartisan support in a 68-30 vote, a section of Democrats voted against it, citing the involvement of President Donald Trump and his family with the space.
Sen. Peter Welch (D-Vt.) said the bill allows the President and his family to continue owning, issuing, and profiting off stablecoins.
Sen. Dick Durbin (D-Ill.) said that in the absence of an amendment process, the bill would enable crypto scams "at the expense of unsuspecting Americans."
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
Why It Matters: Despite early bipartisan momentum, the bill failed a procedural vote on May 8 after Senate Democrats abruptly pulled support over national security concerns, AML provisions, and last-minute resistance from key lawmakers.
The bill passed the closure vote last month despite vehement opposition by Sen. Elizabeth Warren (D-Mass.), who alleged that the legislation would "turbocharge" Trump's corruption, citing the family-backed USD1 stablecoin.
The bill now heads to the House for further debate before it reaches Trump's desk for approval.
Photo Courtesy: ddRender on Shutterstock.com
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