Senate Passes GENIUS Act, Paving Way for $239B Stablecoin Expansion

Marking Congress’s very first digital-asset law, the U.S. Senate has passed the GENIUS Act with bipartisan support, setting dollar-backed reserve rules and shared state-federal supervision for stablecoins. Industry groups state the clearness could restore U.S. management ahead of an anticipated Home review.

Oncu describes that the stablecoin supply has grown from under $10 billion to $239 billion in just 5 years, showing the requirement for safeguards and regulatory consistency.

Industry Leaders and Supporters Praise the Move

Stand With Crypto, a U.S.-based crypto advocacy group, also welcomes the Senate’s choice, explaining it as a key step towards protecting America’s location in the progressing digital monetary sector.

A big step forward. Read Stand With Crypto’s declaration on today’s Senate vote to advance the GENIUS Act here.

The group, which represents a grassroots network of developers, users, and builders, advocates for stablecoin regulation to support development and customer protection.

“The organization says it will score lawmakers based on their votes on the GENIUS Act, utilizing the results in future crypto policy scorecards to track political alignment on crucial market issues.”

A Quote to Reinforce U.S. Crypto Leadership

Beyond controlling stablecoins, the GENIUS Act is being seen as part of a broader attempt to re-establish the U.S. as a leader in blockchain development.