After weeks of behind-the-scenes wrangling, the U.S. Senate has voted 66–32 to advance the GENIUS Act—pushing long-awaited stablecoin legislation one step closer to reality.
Once dismissed due to concerns around consumer protection and ethical loopholes, the bill was revived through bipartisan compromise. Lawmakers revised sections on political influence and issuer accountability, earning just enough support to move forward.
Not all lawmakers are on board. Senator Elizabeth Warren continues to oppose the bill, warning it still poses risks to consumers and financial stability.
Despite criticism, crypto advocates are calling the vote a watershed moment. Senator Bill Hagerty says the legislation could drive over $1 trillion in demand for U.S. Treasuries and secure the dollar’s role in digital payments.
Supporters also point to its potential to establish regulatory certainty for fiat-backed stablecoins. Industry groups like Chainlink and the Cedar Innovation Foundation hailed the progress as a sign the U.S. is finally preparing to lead on digital finance policy.
The bill now heads to the House, where its final form will face further scrutiny.
The Hong Kong Monetary Authority (HKMA) has officially released documentation outlining its upcoming stablecoin issuer licensing framework, which is set to take effect on August 1, 2025.
Nigeria is taking a decisive step toward embracing stablecoin adoption, as the country’s Securities and Exchange Commission (SEC) outlined its readiness to support digital currency innovation—under clear regulatory conditions.
South Korea’s top financial watchdog has issued informal guidance urging local asset managers to scale back their investments in crypto-related stocks, according to a Korean Herald report.
In a surprising move on Tuesday, the U.S. Securities and Exchange Commission (SEC) initially approved Bitwise’s proposal to convert its cryptocurrency index fund into a full-fledged exchange-traded fund (ETF)—only to halt the decision just hours later.