Historic Crypto Vote: Senate Passes Stablecoin Framework

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After months of political gridlock, the U.S. Senate has finally passed a landmark cryptocurrency bill that could reshape the future of digital finance.

On Tuesday, June 18, lawmakers voted 68 to 30 to approve the GENIUS Act, a bipartisan proposal aimed at creating the first-ever federal regulatory framework for stablecoin issuers. This is the most significant crypto legislation to clear the Senate to date — and a signal that Washington is getting serious about digital asset oversight.

The bill now heads to the House of Representatives, where Republicans hold the majority and have already been crafting their own version of digital asset legislation.

🇺🇸 A Bipartisan Breakthrough (with a Few Holdouts)

The GENIUS Act — formally titled the Guiding and Enabling New Innovations in the U.S. Act — found rare bipartisan support in a deeply divided Congress. 18 Democrats joined most Republicans in backing the bill. Only two Republicans, Rand Paul (KY) and Josh Hawley (MO), voted against it.

Senator Bill Hagerty (R-TN), the bill’s lead sponsor, hailed it as a strategic win for American leadership in fintech:

🔍 What's in the GENIUS Act?

At its core, the GENIUS Act seeks to establish guardrails around stablecoin issuance, particularly by:

• Prohibiting technology companies from directly issuing stablecoins.

• Extending ethics rules to bar members of Congress and senior federal officials from launching or promoting stablecoin products while in office.

• Introducing consumer protection provisions aimed at increasing transparency and reducing risk for retail investors.

While not comprehensive crypto regulation, it marks a significant first step — focusing on stablecoins as the “low-hanging fruit” of digital asset oversight.

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⚖️ The Political Backstory: A Winding Path to Passage

The journey here wasn’t smooth. An earlier version of the bill passed out of the Senate Banking Committee in April with the support of five Democrats. But by May, it hit a wall.

Senate Minority Leader Chuck Schumer (D-NY) and others — including two Republicans — raised concerns about national security and anti-money laundering (AML) provisions. That version stalled before ever reaching the floor.

In response, a bipartisan group of lawmakers including Cynthia Lummis (R-WY), Mark Warner (D-VA), Kirsten Gillibrand (D-NY), Angela Alsobrooks (D-MD), and Ruben Gallego (D-AZ) stepped in to negotiate a revised version.

The result? A reworked bill that won over more moderate Democrats — and hit the 60-vote threshold needed to overcome a filibuster.

🧱 What’s Still Missing?

While the vote was historic, not all Democrats are happy. Some lawmakers expressed frustration that the bill does not go far enough to address what they see as conflicts of interest in the crypto space — particularly related to former President Donald Trump and his family.

Recent financial disclosures show Trump earned over $57 million in 2024 from World Liberty Financial, a cryptocurrency firm tied to his inner circle. Progressive Democrats pushed for amendments to restrict political profiteering from crypto ventures, but those efforts didn’t make it into the final bill.

Still, the GENIUS Act does include provisions preventing current federal officials from launching or backing stablecoin projects — a compromise seen as a modest ethics safeguard.

🛣️ What’s Next?

All eyes now turn to the House, where Republicans have been working on their own stablecoin proposal. Given the strong bipartisan support in the Senate, most analysts expect the House to either pass the GENIUS Act as-is or merge it with their version before sending it to the White House.

If passed, this could mark the first piece of comprehensive federal legislation to define how stablecoins operate — a potential game-changer for fintech companies, banks, and crypto-native startups alike.

💬 Why This Matters

This moment could be a regulatory turning point for the U.S. digital asset industry. For years, crypto firms have operated in a gray area, navigating a patchwork of state laws and guidance from agencies like the SEC and CFTC.

The GENIUS Act doesn’t solve everything — it sidesteps broader crypto regulation, investor classification, and custody rules. But it sets a precedent that federal crypto laws are coming, and they’re coming fast.

Stablecoin issuers, payment platforms, and institutional investors: take note.