GENIUS Act Spurs Renewed Stablecoin Debate in Senate
Key Takeaways
- The U.S. Congress is once again debating the GENIUS Act – a bill aimed at regulating stablecoins.
- A bipartisan consensus is expected before the Memorial Day recess (May 26–30).
- The last vote narrowly failed to reach the required 60-vote majority.
- Stablecoins are digital currencies pegged to real-world assets such as the U.S. dollar.
- A successful passage of the bill could bring U.S. regulations closer in line with the EU.
What is the GENIUS Act?
The GENIUS Act is a bill in the U.S. Senate that aims to establish uniform rules for stablecoins and their issuers. Stablecoins are cryptocurrencies whose value is typically tied to fiat currencies like the U.S. dollar. The goal is to provide greater clarity and security for users, businesses, and investors.
Why is the bill important?
The crypto market in the U.S. is growing, but there is a lack of clear legal frameworks. The GENIUS Act could set standards similar to the European Union’s MiCA regulation (Markets in Crypto-Assets). Regulation would not only strengthen consumer protection but also encourage innovation and make illegal activities more difficult.
Current Status of Negotiations
The bill was scheduled for another vote on May 15. Brian Armstrong, founder of crypto exchange Coinbase, expressed optimism. According to him, 52 million U.S. crypto users want clear rules. So far, the bill has failed due to a lack of majority support in the Senate. Only 48 votes were cast in favour – 60 were needed.
Resistance Within the Party
Some Democratic senators, including Ruben Gallego and Elizabeth Warren, voiced concerns. They pointed to potential conflicts of interest, particularly in connection with former President Donald Trump. Corruption risks were also discussed. Nevertheless, there are signs of progress: talks between both parties are ongoing, and insiders report that a compromise is in the works.
How Likely Is Passage?
On the Polymarket prediction platform, the probability of the bill passing in 2025 is over 80%. This shows that the market strongly anticipates a breakthrough. Analysts like Alex Thorn from Galaxy Digital also see positive developments. However, it remains unclear whether a consensus can be reached before the Memorial Day recess.
What Does This Mean for You?
If the GENIUS Act is passed, stablecoins in the U.S. could operate under clear legal guidelines. This would not only build trust but also create new opportunities for reputable providers. For you as a user, this means: more transparency, more security – and likely a wider range of regulated crypto services in the long term.
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Our Assessment
The debate over the GENIUS Act highlights how urgently the U.S. needs unified crypto regulation. The political will appears to be there, but internal party disagreements could continue to delay the process. If the bill is passed by the end of May, it would mark a major step forward for the entire crypto market. We are closely monitoring developments and will keep you informed. For you as a crypto user or investor, this topic is highly relevant – because regulation brings stability.
Sources
- Politico
- Polymarket
- Galaxy Digital
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