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US Senate passes stablecoin bill in milestone for crypto industry

The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules

June 18, 2025 / 07:41 IST
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Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Reuters
Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Reuters

The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.

The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval.

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"It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term.

"It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry."