A pivotal vote in the U.S. Senate could soon reshape how stablecoins are regulated, as lawmakers prepare to decide the fate of the GENIUS Act—a bill that’s been in negotiation for weeks.
The proposal would enforce strict requirements on issuers, mandate full dollar backing for stablecoins, and restrict large tech firms from entering the space unless they meet specific privacy and financial conditions.
After failing to gain traction initially due to Democratic objections, the bill has been amended to address concerns related to money laundering, foreign involvement, and the potential influence of political figures tied to crypto ventures. These updates helped the measure clear a key procedural vote with bipartisan support, paving the way for Tuesday’s final decision.
One controversial aspect remains the indirect involvement of President Trump, whose family is linked to World Liberty Financial—a firm behind a fast-growing stablecoin. While the bill avoids directly targeting the Trump family, new ethics clauses bar current government officials from issuing or holding large amounts of stablecoins without disclosure.
If the Senate approves GENIUS, the House may consider adopting it over its own version, the STABLE Act, which differs in approach to state-level frameworks and international oversight. Observers believe GENIUS is more likely to survive the legislative process due to its broader political backing and clearer regulatory scope.
The European Union has granted a total of 53 licenses under its MiCA (Markets in Crypto-Assets) regulatory framework, marking a major step toward harmonized crypto oversight across the region.
Following the passage of President Donald Trump’s sweeping tax and spending bill, House Republicans are now setting the stage for a major push on cryptocurrency legislation.
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has emphasized the agency’s continued focus on investor protection, addressing insider trading, market manipulation, and the evolving landscape of cryptocurrency regulation.
Arizona Governor Katie Hobbs has officially vetoed House Bill 2324, a legislative proposal that aimed to create a state-managed reserve fund for holding seized cryptocurrency assets.