coinpedia 2025-06-17 23:39:56

U.S. Senate Overwhelmingly Supports Stablecoins’ GENIUS Act: Next to the House of Representatives

The post U.S. Senate Overwhelmingly Supports Stablecoins’ GENIUS Act: Next to the House of Representatives appeared first on Coinpedia Fintech News The United States Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) legislation through bipartisan support on Tuesday, June 17, 2025. The GENIUS Act passed the Senate in a final vote of 68 to 30. As a result, the GENIUS Act will now proceed to the House of Representatives, where it is expected to gain bipartisan support. Furthermore, the Donald Trump administration has laid significant emphasis on the importance of crypto assets and the digital currency market to the long term sustainability of the economy. “With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people. This did not happen by accident,” Tim Scott noted . Stablecoins Market Ready to Bloom Via the GENIUS Act The monumental final vote for the GENIUS Act by the Senate is a major step toward clear stablecoins regulation in the United States. Once passed by the U.S. House of Representatives and stamped by Trump, the comprehensive stablecoin legislation will play a crucial role in the mainstream adoption of the digital dollar. According to Scott Bessent, the U.S. Treasury Secretary, the GENIUS Act is a win-win situation for the private sector, the treasury, and consumers. Moreover, Bessent believes that the stablecoins market could reach $3.7 trillion by the end of this decade. “A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt,” Bessent noted . Already, JPMorgan has spearheaded the development of stablecoins by traditional financial institutions. On Tuesday, JPMorgan unveiled its JPMD stablecoin on Ethereum’s L2 Base chain, which is backed by Coinbase Global.