US Senate Passes Stablecoin GENIUS Act as Focus Shifts to the House of Representatives

According to a report by Jinse Finance, the U.S. Senate passed the landmark GENIUS Act on Tuesday, advancing federal efforts to regulate stablecoins and putting pressure on the House of Representatives to map out the next phase of national digital asset regulatory initiatives. This marks the first time the Senate has passed significant cryptocurrency legislation. Senator Bill Hagerty, a Republican and sponsor of the GENIUS Act, expressed his gratitude to several Senate colleagues for their support prior to the official vote. Less than a week ago, lawmakers overwhelmingly voted in favor of the bill, and many had anticipated its passage. Next, the House of Representatives must decide how to proceed. In April of this year, the House Financial Services Committee introduced its own stablecoin legislation—the Stablecoin Transparency and Accountability for a Better Ledger Economy Act. However, this bill has yet to be brought to a full House vote.