Wed Jun 18 01:18:44 UTC 2025: **Summary:**

The U.S. Senate passed the GENIUS Act, a bipartisan bill aimed at regulating stablecoins, a type of cryptocurrency pegged to the US dollar. The legislation establishes consumer protections and regulatory guardrails for stablecoins. While celebrated by the crypto industry as a step towards legitimacy and growth, some Democrats raised concerns about potential conflicts of interest due to President Trump’s financial involvement in the crypto space, including his family’s stake in a stablecoin project. The bill has received strong support from industry leaders like Coinbase CEO Brian Armstrong and Treasury Secretary Scott Bessent, who believe it will boost crypto’s economic impact.

**News Article:**

**U.S. Senate Passes Landmark Stablecoin Regulation Bill**

**Washington, D.C. – June 18, 2025:** The U.S. Senate has passed the GENIUS Act, a bipartisan bill designed to regulate stablecoins, a type of cryptocurrency pegged to the U.S. dollar. The legislation, approved by a 68-30 vote, marks a significant step towards legitimizing the cryptocurrency industry and providing consumer protections.

The GENIUS Act, short for “Guiding and Establishing National Innovation for US Stablecoins,” aims to establish regulatory guardrails for stablecoins. Supporters hail the bill as a paradigm shift that will bring the financial system into the 21st century. Senator Bill Hagerty (R-Tenn.), the bill’s sponsor, believes the legislation will have “far-reaching implications” for the financial system.

Despite broad bipartisan support, some Democrats voiced concerns that the bill fails to address potential conflicts of interest related to President Donald Trump’s financial ties to the crypto market. Trump’s family holds a substantial stake in World Liberty Financial, a crypto project that has launched its own stablecoin. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors.

Treasury Secretary Scott Bessent has urged the House to pass the bill, forecasting that stablecoins could become a $3.7 trillion market by the end of the decade. Brian Armstrong, CEO of Coinbase, has praised the bill and President Trump’s early support for cryptocurrency innovation.

The bill will now move to the House of Representatives for potential revisions before it can be signed into law.

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