GENIUS Act: Ripple, Coinbase, Gemini Praise US Senate’s Stablecoin Decision

As the US Senate has successfully passed the GENIUS Act, crypto industry leaders are breathing a sigh of relief. Ripple, Coinbase, and Gemini praise the Senate’s decision, hoping the new stablecoin regulation will foster growth and innovation in the crypto space.

Crypto Giants Welcome GENIUS Act

Significantly, the US Senate’s recent decision on stablecoin regulation has sparked a renewed wave of optimism within the crypto industry. With the GENIUS Act now cleared by the Senate, crypto behemoths like Ripple, Coinbase, and Gemini are hopeful about a major crypto regulatory overhaul in the US. They hail the stablecoin bill’s passage as a significant win for the crypto industry. And experts appreciate the US Senate for its bipartisan efforts to provide regulatory clarity.

Ripple CEO Hails Historic Moment

In an X post earlier today, Ripple CEO Brad Garlinghouse shared his enthusiasm for the passage of the GENIUS Act. He hails it as “the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate.” For the Ripple CEO, this marks a “truly historic move.” Celebrating the major win for the crypto industry, Garlinghouse thanked Senators Tim Scott, Bill Hagerty, Kirsten Gillibrand, and others for their leadership in passing the stablecoin bill.

Gemini Thanks Senator Hagerty and David Sacks

Another prominent figure to celebrate the US Senate’s stablecoin move was Gemini co-founder Tyler Winklevoss. In an X post, he expressed gratitude to Senator Hagerty for championing crypto in the Senate and leading the effort to pass the GENIUS Act. He added, “The GENIUS Act will help pave the way for America to become the global leader in crypto.” In another X post, he appreciated crypto czar David Sacks for delivering on his promises, praising his commitment to the cause.

68 Senators Lead the Way, Says Coinbase CLO

In his X post, Coinbase CLO Paul Grewal appreciated the Senators for their willingness to put aside differences and work towards a common goal that benefits the country. According to him, the 68 Senators who supported the bill demonstrated a commitment to advancing America’s interests in the crypto space. He noted, “Done. Thank you to the 68 (!) Senators who out America first today ahead of petty politics.”

Stablecoin Bill Paves Way to a New Crypto Regulatory Era

On June 17, the US Senate advanced the GENIUS Act with a bipartisan vote of 68-30, paving the way for a final vote on stablecoin regulations. This represents a crucial step forward in the US crypto industry’s pursuit of regulatory clarity.

The increasing demand has underscored the need for clear and effective regulations. Leaders like David Sacks have been vocal about the GENIUS Act and stablecoin regulation. He stated,

We already have over $200 billion in stablecoins — it’s just unregulated. If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly…Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy. It also extends the dominance of the dollar online.

Last week, the Senate voted 68-30 to invoke cloture on Senator Bill Hagerty’s amendment to the stablecoin bill. If the US House approves the bill, it will be sent to the White House for President Donald Trump’s review. Notably, the White House has already expressed support, encouraging Congress to pass both the GENIUS Act and CLARITY Act before the July recess.