U.S. Senate Votes to Advance Landmark Stablecoin Regulation Bill

WASHINGTON, D.C. — The U.S. Senate moved closer to regulating stablecoins on June 11, 2025, by advancing the GENIUS Act with a 68-30 vote. This procedural step set the stage for a final vote scheduled for June 16, marking a significant moment for U.S. cryptocurrency legislation.

The GENIUS Act seeks to introduce comprehensive regulations governing stablecoin issuers. A key amendment passed recently enhances anti-money-laundering protections and bans stablecoins from jurisdictions under U.S. sanctions. Supporters believe these measures will increase security and transparency in the growing digital asset market.

Prominent figures in the crypto world, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse, back the bill. They argue that clear regulations will legitimize the sector and foster innovation within the U.S. financial system. Treasury Secretary Scott Bessent also expressed support, saying dollar-backed stablecoins could bolster U.S. dollar dominance and increase demand for U.S. Treasuries by up to $2 trillion.

The legislative push comes after months of negotiations and prior procedural failures. It indicates a potential alignment among lawmakers on the urgency of regulating digital currencies. Senate Majority Leader Chuck Schumer, D-N.Y., has stated his goal is to pass the bill swiftly and facilitate its advancement to President Donald Trump for signature.

Despite bipartisan progress, not all Senate members are on board. Senator Elizabeth Warren, D-Mass., voiced strong opposition, claiming the bill could harm the financial system by enabling corruption and allowing companies to invest in risky assets. Warren argued that the current form of the bill could facilitate illicit financial activities.

Nevertheless, advocates of the GENIUS Act emphasize that it offers a critical framework for stablecoin regulation. The implications of passing this bill could resonate well beyond cryptocurrency markets, setting the precedent for how digital assets operate in the U.S.