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Highlights
- The US Senate will vote for the GENIUS Stablecoin Act today.
- With Senate passage expected, the bill will next head to the House.
- The bill faces increased criticism from crypto critics like Senator Elizabeth Warren.
The much-awaited GENIUS Stabelcoin Act is heading to its final passage vote on Tuesday. With the bill poised to pass the Senate, it will then move to the House. This marks a significant step towards establishing a regulatory framework for stablecoins in the US.
US Senate to Pass Genius Stablecoin Act Today
After weeks of discussions, cloture votes, and revisions, the GENIUS stablecoin Act is poised for a crucial vote in the Senate. This brings the bill one step closer to becoming law. As highlighted by FOX Business journalist Eleanor Terrett in an X post, the stablecoin bill is set to face the final vote on June 17, 2025.
As the Senate voted to invoke cloture last week, paving the way for final debate, expectations are growing that the GENIUS Act will pass the Senate today. Acknowledging the importance of passing the stablecoin bill, Sen. Bill Hagerty stated,
If we fail to act now, not only will these benefits slip away — we will also fall behind in global competitiveness. Without a regulatory framework, stablecoin innovation will proliferate overseas — not in America!…With the dollar struggling to maintain its role in the global economy, the GENIUS Act could just be the thing that saves it.
While many support Hagerty’s views and hope for the potential passage of the stablecoin act, many remain pessimistic. Given the increasing criticism of the bill, industry leaders like Wintermute Head Ron Hammond remain cautiously optimistic about the GENIUS Act passage. He cited,
Overall, it does seem like it’s tracking to be at least for GENIUS passed out of the Senate by Tuesday. Democrats seem to be largely coming around to support at least the stablecon bills as of right now.
Stablecoin Regulation Uncertain Amid Increased Backlash
As some advocate for clear stablecoin regulations and the passage of the GENIUS Act, a vocal opposition group strongly disagrees, sparking a contentious debate. Crypto critics like Senator Elizabeth Warren are pushing back against the stablecoin act, calling on Congress to take action. Warren cited concerns over security and privacy, adding, “If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors.”
Similarly, Missouri Republican Senator Josh Hawley is also expressing his strong contempt towards the GENIUS bill. He argued,
It’s a huge giveaway to Big Tech. It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.
At the same time, industry experts, such as Lionsgate CEO Bezalel Eithan Raviv, address the bill’s limitations. But they see it as a crucial step towards establishing stablecoin regulations. Recognizing the stablecoin act as an improvement to the current lack of crypto regulation, Raviv stated,
The general outlook is that [the bill] will do better than anything that is currently happening. It’s a step in the right direction for everyone. There are ways to make it better. There are ways to make everything better. But this is the first one. Let’s give it a try, and it will ripple in many ways.
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