The United States Senate is poised to pass the GENIUS Act, a landmark crypto bill to create a regulatory framework for stablecoins, which are pegged to the value of the dollar. Craig Caplan at CSPAN notes that a final vote on the floor is expected at around 17:00 ET 22:00 BST.
- The bill will be the first ever piece of crypto legislation to pass the Senate. It represents one of President Donald Trump’s biggest priorities in Congress, outside of the One Big Beautiful Bill, and takes a step towards making crypto a more mainstream financial asset.
- ABC notes: "The bill sets rules for stablecoin issuers, including a mandate that firms hold a reserve of assets underlying the cryptocurrency."
- Politico notes the bill is "expected to draw support from close to 18 Democrats after a month of turbulent negotiations with Republicans… The path to passage in the House, however, remains murky. Financial Services Chair French Hill [R-AK] is weighing [tying the bill with] a broader measure that would divide oversight of digital assets between market regulators.”
- Punchbowl reports that academics compared the bill to the 'Commodity Futures Modernization Act of 2000' which “rolled back regulations in key parts of the derivatives market and helped the product become mainstream in the years leading up [2008].”
- Punchbowl adds: “Others pointed to a 1994 law that reshaped the national banking landscape. The Riegle-Neal Interstate Banking and Branching Efficiency Act allowed banks to branch across state lines.”