Senate approves stablecoin rules, a boost for crypto

The U.S. Senate passed a new law on June 17, 2025, to set rules for stablecoins, which are cryptocurrencies tied to the value of the U.S. dollar. Called the GENIUS Act, the bill won strong support with a 68-30 vote, including backing from both Republicans and Democrats. This is a big step for the crypto industry, which has been pushing for clearer guidelines in Washington.

The law requires stablecoin issuers to hold cash or safe assets like U.S. Treasury bills to back their tokens. It also demands regular audits to ensure transparency. If passed by the House and signed by President Trump, it could make stablecoins a trusted option for payments, potentially growing the market to $3.7 trillion by 2030, according to Treasury Secretary Scott Bessent. However, some Democrats, like Senator Elizabeth Warren, worry the bill lacks protections against corruption, especially since it bans Congress members from profiting off stablecoins but not the president or his family.

Trump, who supports the bill, has personal investments in crypto, raising concerns about conflicts of interest. The crypto industry, a major political donor in 2024, sees this as a victory. The bill now heads to the House, where lawmakers might add broader crypto rules, which could complicate its passage. Trump wants it signed before Congress breaks in August.