The cryptocurrency bill deadlock in the US has been resolved: "Historic development"

The U.S. Senate decided to continue discussions on the critical stablecoin regulation known as the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" (GENIUS) by a vote of 66 to 32. This step opens the door for further discussion of the bill and implies that regulations aimed at preserving the global power of the U.S. dollar may also be implemented.

What does the draft bring?

Republican Senator Bill Hagerty, who prepared the bill, stated that the GENIUS Act would "bring the U.S. to the forefront of digital payment infrastructure" and "secure the supremacy of the U.S. dollar." According to the bill, stable coins are expected to be fully backed by reserves, and issuers with a market value exceeding 50 billion dollars will be subject to annual audits. The text, which also includes additional regulations for foreign companies issuing stable coins, will be open to amendments from senators before moving to the final vote.

"A great early victory"

Representatives of the crypto industry describe this development as "historic." Coinbase Chief Policy Officer Faryar Shirzad evaluated the progress of the bill as "a major early victory for crypto regulations," while Ji Kim, President of the Crypto Council for Innovation, defined it as "the fruit of months of negotiations and technical work." The bill, which is advancing with the support of both parties, received "yes" votes from 16 Democratic senators this time, after failing to gain the support of any Democratic senator last week.

Warren opposed again

Senator Cynthia Lummis, who co-sponsored the bill, said, "Digital assets represent the future, and we have taken an important step for America to lead in this field." However, Democratic Senator Elizabeth Warren criticized the regulation for "ignoring former President Donald Trump's connections to the crypto industry" and "fueling corruption." Warren also reacted to World Liberty Financial's newly launched USD1 stable coin.

More than 60 thousand emails sent

Ahead of the voting in question, crypto advocates urged senators to support the bill by sending over 60,000 emails according to data from an initiative called Stand With Crypto. The law is now awaiting the final vote in the Senate and the process of being combined with the "STABLE" bill in the House of Representatives.

Published: May 20, 2025 10:19