On June 18, 2025, the U.S. Senate passed the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" (GENIUS Act) with an overwhelming majority of 68 votes in favor and 30 against, marking a historic step for the United States in the field of cryptocurrency regulation. This act establishes a comprehensive federal regulatory framework for dollar-pegged stablecoins for the first time, providing legal clarity for the digital asset market and potentially reshaping the global financial landscape. This article will explore the core content of the GENIUS Act, the background of its passage, and its potential impacts.

I. Core Content of the GENIUS Act

The GENIUS Act aims to establish clear regulatory standards for stablecoins, which are cryptocurrencies pegged to fiat currencies like the U.S. dollar. According to the act, stablecoin issuers must meet the following key requirements:

1. Reserve Requirements: Issuers must hold reserve assets that are pegged 1:1 to the stablecoin, primarily consisting of U.S. Treasury bills or other highly liquid assets, to ensure the stability and convertibility of the stablecoin.

2. Regulatory Tiering: Issuers with assets below $10 billion will be supervised by state-level regulatory agencies, while larger issuers will be overseen by federal regulatory agencies (such as the Treasury Department and the Federal Reserve).

3. Compliance Requirements: Issuers must comply with the anti-money laundering (AML) and counter-terrorism financing (CFT) provisions of the Bank Secrecy Act (BSA) and submit regular reserve reports, certified by the CEO and CFO, and subject to annual audits.

4. Consumer Protection: The act requires that in the event of issuer bankruptcy, stablecoin holders have priority repayment rights to protect investor interests.

5. Ethical Constraints: It prohibits members of Congress and senior executive officials from issuing stablecoins during their terms and requires disclosure of stablecoin holdings exceeding $5,000 to reduce potential conflicts of interest.

6. Foreign Issuer Regulation: Foreign stablecoins (such as Tether) must be recognized by the U.S. Treasury as having "comparable" regulatory standards in their home countries and cannot operate in countries subject to U.S. sanctions or identified as having "major money laundering risks."

Additionally, the act explicitly states that qualifying payment stablecoins are not considered securities, thus exempting them from securities law constraints and providing room for industry innovation.

II. Background and Political Maneuvering

The passage of the GENIUS Act was not smooth, having undergone intense political maneuvering and multiple revisions. The bill initially gained bipartisan support in the Senate Banking Committee in March 2025, passing the committee review with a vote of 18-6. However, the first procedural vote in early May (cloture vote) failed 49-48 due to Democratic dissatisfaction with the bill's shortcomings in consumer protection, national security, and anti-money laundering provisions, as well as concerns about potential conflicts of interest arising from the Trump family's involvement in cryptocurrency.

The USD1 stablecoin issued by the Trump family's World Liberty Financial (WLF) became a focal point of controversy. Particularly after the Abu Dhabi investment firm MGX used USD1 for a $2 billion investment, Democratic Senator Elizabeth Warren criticized the bill for failing to effectively limit the president's ability to profit from stablecoins, stating it was "worse than having no bill at all." Nevertheless, after weeks of bipartisan negotiations, the bill passed the second procedural vote on May 19 with a vote of 66-32, with 16 Democrats switching sides to support it, including Mark Warner and Cory Booker.

Ultimately, the Senate's full vote on June 18 passed the bill 68-30, demonstrating a bipartisan consensus on promoting financial innovation and maintaining the U.S.'s global financial competitiveness. Republican Senator Bill Hagerty stated before the vote that the bill would "lead to a new era of payments," significantly reducing transaction costs and enhancing efficiency. However, Republican Senators Rand Paul and Josh Hawley remained opposed, citing concerns over excessive regulation and profits for tech giants.

III. Impact on the Cryptocurrency Industry and Global Finance

1. Regulatory Clarity for the Industry
   The U.S. cryptocurrency market has long been criticized for its lack of unified regulation, often referred to as the "Wild West." The passage of the GENIUS Act provides a clear legal framework for stablecoin issuers, which is expected to attract traditional financial institutions (such as banks and payment companies) into the market. Kara Calvert, Vice President of Public Policy at Coinbase, stated that the passage of the bill would make "faster and more convenient payments possible," benefiting both consumers and the industry. Analysts predict that the stablecoin market could grow from $238 billion to $2 trillion in the next three years.

2. Strengthening the Global Position of the U.S. Dollar
   With 99% of stablecoins pegged to the U.S. dollar, the act requires that reserve assets primarily consist of U.S. Treasury securities, which not only enhances the U.S. government's borrowing capacity but also solidifies the dollar's status as the world's reserve currency through the global circulation of stablecoins. Senator Hagerty emphasized that the lack of a regulatory framework would lead to stablecoin innovation moving overseas, while the GENIUS Act would ensure that the U.S. remains a leader in the global digital asset competition.

3. Response to Global Regulatory Competition
   The European Union's Markets in Crypto-Assets Regulation (MiCA) took effect in June 2024, and regions like Singapore, Hong Kong, and Japan have also established regulatory frameworks for stablecoins. The U.S.'s lagging response had previously led to stablecoin activities moving to unregulated overseas locations. The passage of the GENIUS Act has been described by Chainalysis CEO Jonathan Levin as a "milestone for responsible innovation," helping the U.S. catch up in the global digital asset market.

4. Potential Risks and Criticism
   Despite broad support for the bill, critics warn of its potential risks. Senator Warren believes the bill fails to adequately address the Trump family's conflict of interest issues, potentially facilitating "presidential corruption." Additionally, provisions allowing non-financial technology companies (such as X platform) to issue stablecoins have raised concerns about data privacy and market concentration. Some individuals also worry that the complexity of regulation could increase compliance costs, stifling the development of small innovative enterprises.

IV. Prospects and Challenges

Although the GENIUS Act has made breakthroughs in the Senate, its final passage into law still requires approval from the House of Representatives. The House is currently reviewing another stablecoin bill, the STABLE Act, which has differing regulatory approaches, such as the scope of federal preemption and details of consumer protection provisions. Whether the House will directly adopt the Senate's version or negotiate to integrate both bills remains uncertain. Additionally, the bill faces challenges from over 120 proposed amendments covering a wide range of issues, from credit card fee caps to presidential trade powers, which could delay the legislative process.

Once signed into law, the GENIUS Act will inject new vitality into the stablecoin market, attracting traditional financial giants and promoting innovation in areas such as cross-border payments and digital settlements. However, the effectiveness of the bill's implementation will depend on the enforcement strength of regulatory agencies and the ability to effectively balance innovation with risk prevention.

V. Conclusion

The passage of the GENIUS Stablecoin Act is a milestone event in U.S. cryptocurrency regulation, providing urgently needed legal clarity for the stablecoin industry and laying the groundwork for the U.S. to seize opportunities in the global fintech competition. Despite ongoing controversies, the advancement of the bill reflects America's ambitions in the digital economy era. In the future, as the House deliberates and regulatory details are formulated, the stablecoin market may experience explosive growth, and the U.S. financial system will move toward a more digital and globalized new era.

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