The GENIUS Act, a bill aimed at regulating stablecoins in the United States, is approaching a critical vote in the Senate before moving to the House of Representatives.
On June 11, the Senate voted 68-30 to advance the bill, allowing for amendments ahead of a final vote.
The legislation seeks to establish a regulatory framework requiring stablecoin issuers to register with the government, maintain one-to-one backing with fiat currency, undergo regular audits, and comply with Anti-Money Laundering rules.
According to Roshan Robert, CEO of OKX US, the bill sends a “strong signal” that the U.S. government is adopting a pragmatic approach to digital asset innovation.
He added that the GENIUS Act “creates a vital bridge for traditional finance to explore blockchain-powered payments and settlement,” and supports “licensed innovation” while laying groundwork for interoperability between centralised and decentralised systems.
The bill has drawn criticism from some lawmakers, including Senator Elizabeth Warren, who warned it could “actively facilitate” misuse by entities connected to former President Trump’s crypto businesses.
In response, proposed amendments aim to prevent elected officials and their families from issuing stablecoins.
Industry experts suggest the GENIUS Act could solidify the U.S. dollar’s role in the digital economy and help shape global financial regulations.
Mike Cahill, CEO of Douro Labs, said clear federal guardrails will legitimise stablecoins as a new form of programmable money, integrated into payments, settlement, and treasury management.
“If the U.S. gets this right, it won’t just lead the crypto market — it will write the rulebook for the next global financial system,” he added.
The stablecoin market, dominated by dollar-pegged tokens like Tether’s USDT (CRYPTO:USDT) and Circle’s USDC (CRYPTO:USDC), currently holds a market capitalisation of approximately $217 billion, representing 86.4% of the total stablecoin market, according to DefiLlama.
“Dollar-backed stablecoins are the new 21st-century financial power tool,” noted Bill Sebell, executive director of XDC Foundation, adding the GENIUS Act could expand access to compliant digital dollars worldwide.