U.S. Senate Set to Pass GENIUS Stablecoin Act, Paving Way for Digital Dollar Dominance
The U.S. Senate is expected to pass the GENIUS Stablecoin Act today, with bipartisan support aiming to modernize the payment system and strengthen the dollar.
In a pivotal moment for U.S. financial policy, the Senate is poised to approve the long-anticipated GENIUS Stablecoin Act later today, marking a significant step toward comprehensive cryptocurrency regulation. Senator Bill Hagerty, the bill's architect, voiced firm confidence in its passage, citing strong bipartisan support and strategic alignment with broader economic goals.
The GENIUS Act, introduced earlier this year, has steadily navigated Senate procedures despite vocal opposition from prominent skeptics like Senator Elizabeth Warren. Following a successful cloture vote last week, the bill now faces its final passage vote at 4:30 p.m. (ET) today. If approved, it will proceed to the House of Representatives for further consideration.
"I’m excited to see the GENIUS Act pass the Senate later today," Hagerty shared on X (formerly Twitter), underscoring the momentum behind the legislation.
Described as a "strong bipartisan product," the GENIUS Act has garnered input from across the political spectrum, including former Trump administration officials and key industry stakeholders. The bill aims to modernize the outdated infrastructure of the U.S. payment system by replacing what Hagerty calls "1970s- and 1980s-era rails."
According to the senator, this regulatory framework will not only streamline financial transactions by reducing counterparty and currency risks but will also inject significant liquidity into the economy. Hagerty emphasized that the act could enhance demand for U.S. Treasuries and bolster the dollar's role as the global reserve currency.
"We’re going to see that advance in a way that takes a lot of friction out of an old, clunky system," he said during a FOX Business interview. "It will bring a lot of working capital into the economy."
Another key pillar of the legislation is its alignment with the Securities and Exchange Commission (SEC) under the leadership of Chair Paul Atkins, whom Hagerty praised as an "ideal partner." Atkins, continuing the crypto-friendly stance of former acting chair Mark Uyeda, has facilitated a more favorable regulatory environment by resolving various enforcement actions that previously stifled innovation.
If enacted, the GENIUS Act would position the U.S. as a dominant force in the stablecoin market, potentially reshaping the global financial landscape. With its final Senate vote imminent, the act could soon become a cornerstone of the nation’s digital economic infrastructure.
