Senate Vote Pushes U.S. Toward Becoming ‘The Global Leader In Crypto’

The GOP-led Senate passed on Tuesday a stablecoin regulation bill that supporters argued will help the United States become the “global leader” in cryptocurrency.

A bipartisan group of 68 senators voted in favor of the GENIUS Act, which prevailed after hitting a speed bump in May before going through amendments. Another 30 members banded together in opposing the legislation.

Spearheaded by Sen. Bill Hagerty (R-TN), the measure seeks to create a framework for stablecoins, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.

“The GENIUS Act will cement U.S. dollar dominance, protect customers, drive demand for U.S. Treasuries, & ensure that digital asset innovation happens in the U.S., not overseas,” Hagerty said in a post on X. “With this bill, we are one step closer to becoming the global leader in crypto.”

Sen. Elizabeth Warren (D-MA) was one of the lawmakers who voted against the bill. Sharing a Wall Street Journal article on how Walmart and Amazon are exploring their own stablecoins, she warned on Monday the legislation needed changes.

“If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors,” Warren said on X. “These billionaires will come begging for a taxpayer bailout when it inevitably blows up.”

Warren added: “The GENIUS Act has a major loophole allowing Big Tech companies and major retailers to issue their own private currencies structured as stablecoins. This bill shouldn’t pass without amendments preventing these risks.”

President Donald Trump’s administration has endorsed the bill, which now heads to the Republican-controlled House.

“Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act,” Treasury Secretary Scott Bessent said on X.

“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy,” Bessent continued.

Insisting that it is a “win-win-win” for the private sector, the Treasury, and consumers, Bessent concluded: “These are the fruits of smart, pro-innovation legislation.”