On Tuesday, the US Senate officially passed the landmark GENIUS Act with significant bipartisan support, advancing federal efforts to set standards for U.S. stablecoin issuers.
Ripple CEO Brad Garlinghouse has reacted to the bill’s passage, calling it “a truly historic moment.”
GENIUS Act Nears Becoming Law
After months of dramatic starts and stops, the U.S. Senate successfully passed the GENIUS Act on June 17 in a 68-30 vote.
The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act is a U.S. Senate bill that aims to establish clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws. This is the first major crypto legislation passed by the Senate.
“With this bill the United States is one step closer to becoming the global leader in crypto,” the GENIUS Act’s sponsor, Senator Bill Hagerty, said Tuesday. “The GENIUS Act establishes a pro-growth regulatory framework for payment stablecoins. This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. Treasurys.”
The legislation will now head to the House of Representatives to be approved or to be worked on. In the end, both chambers have to approve the same language for President Donald Trump to be able to sign it into law.
Crypto Regulatory Clarity, Finally
Commenting on the groundbreaking passage of the bill, Ripple boss Garlinghouse noted that the crypto industry has spent many years clamoring for clear rules of the road.
He added that this is the first major financial bill since the 2010-enacted Dodd-Frank Act. Garlinghouse stressed that this was a historic moment for digital assets.
Since President Donald Trump assumed office in January, his administration has made a concerted effort to nudge lawmakers to formulate and pass legislation that offers a legal framework that could allow crypto to flourish in the United States.
Meanwhile, US Secretary Scott Bessent suggested that stablecoins could evolve into a $3.7 trillion market by the end of this decade, adding that this is even more likely with the passage of the GENIUS Act.
