Senate Backs GENIUS Act to Regulate Stablecoins
Key Points at a Glance
- U.S. Senate Leader John Thune supports the GENIUS Act to regulate stablecoins.
- The bill proposes that only licensed entities may issue stablecoins.
- Background: Rising stablecoin activity and political ties to USD1.
- Stablecoins recorded nearly USD 700 billion in transaction volume in April.
Stablecoin Regulation: Thune Pushes Forward
Republican Senate Majority Leader John Thune is pushing ahead with stablecoin regulation. In a closed-door meeting, he announced that the Senate will soon vote on the “Guiding and Establishing National Innovation for US Stablecoins” (GENIUS) Act. The bill was introduced back in February and has already been approved by the Senate Banking Committee.
The goal is to establish clear rules for the issuance and use of stablecoins. These digital currencies are pegged to the value of a stable asset—usually the U.S. dollar. They are seen as an important bridge between the traditional financial system and the crypto world.
GENIUS and STABLE Acts: Two Pillars for Greater Oversight
The GENIUS Act is part of a broader strategy. Together with the STABLE Act, it aims to structure the stablecoin market. The GENIUS Act would restrict the issuance of payment stablecoins to regulated, licensed entities. This would significantly increase regulatory oversight of the market.
These legislative initiatives are part of the new crypto policy under President Trump. As early as January 23, Trump signed an executive order establishing a task force for a national crypto reserve and a regulatory framework for stablecoins.
Political Ties: Focus on USD1
There is ongoing debate about the connection between Trump and the company World Liberty Financial. The firm recently launched the USD1 stablecoin. Critics fear a conflict of interest, as the legislation could potentially benefit a politically connected stablecoin. So far, this connection has not been officially addressed.
Market Trends: Stablecoins on the Rise
Regardless of political developments, stablecoins are currently experiencing strong growth. According to VisaOnChainAnalytics, transaction volume in April reached USD 697.69 billion. Tether (USDT) and USD Coin (USDC) lead the market.
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Notably, USDT holdings on Binance are increasing. For experienced market participants, this indicates rising trading activity. Historically, such trends have often preceded periods of price gains.
Our Assessment
The proposed regulation under the GENIUS Act could have a lasting impact on the stablecoin market. For users and investors, this means greater legal clarity—but also stricter requirements for issuers. The political ties between Trump and the USD1 project raise questions, though they have yet to lead to concrete consequences.
If the bill is passed, smaller stablecoin projects may come under pressure. Larger providers with regulatory experience could benefit. At the same time, the growing market volume shows that stablecoins continue to gain importance despite regulatory uncertainty.
Anyone involved in cryptocurrencies should closely follow developments surrounding the GENIUS Act. The coming weeks could be pivotal for the future of the stablecoin market in the U.S.
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