US approves stablecoin bill - Senate "pave the way" for industry expansion
The US Senate has approved a bill that will create a regulatory framework for cryptocurrencies pegged to the US dollar, known as "stablecoins".
The bill, called the GENIUS Act, received bipartisan support, with some Democrats joining the Republican majority in supporting the proposed federal rules. The decision passed by a vote of 68 to 30. The Republican-controlled House of Representatives must approve its version of the bill before it goes to President Donald Trump's desk.
"It is an important milestone. It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry," say supporters of the sector.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, are commonly used by cryptocurrency traders to move funds between digital currencies. Their use has grown rapidly in recent years, and supporters say they can be used to send payments instantly.
If passed into law, the stablecoin bill would require them to be backed by liquid assets, such as US dollars and short-term Treasury bills, and for issuers to publicly disclose the composition of their reserves on a monthly basis.
The cryptocurrency industry has long pushed lawmakers to pass legislation that would create rules for digital assets, arguing that a clear framework could enable the currencies to be more widely used. The sector spent more than $119 million supporting pro-crypto congressional candidates in last year’s election.
The House of Representatives passed a stablecoin bill in 2024, but the Senate, in which Democrats held the majority at the time, did not consider that bill.
Trump has sought to broadly overhaul U.S. cryptocurrency policies after pulling money from the industry during his presidential campaign. The White House wants a stablecoin bill passed before August.
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