Image © Adobe Images
June 17, 2025, saw a major win for the crypto industry as the GENIUS Act successfully passed in the Senate.
With its 68-30 victory solidified, the bill will now find its way to the House of Representatives, where it will likely be merged with an existing stablecoin bill.
All these point to a future where crypto assets can be more freely used within the United States with government support.
This is more relevant than ever before, given that many crypto enthusiasts try to profit from the industry. Outside of simple speculative trading, many use options like yield farming and staking to earn.
Because activities like staking support various crypto ecosystems and are at lower risk, they are sometimes preferred because investors do not actively have to trade. As many people look to stake Bitcoin securely to earn healthy APYs, proper regulation will only benefit everyone.
The GENIUS Bill, introduced by Tennessee Senator Bill Hagerty, outlines several requirements for various stakeholders in the crypto ecosystem.
It specifies that stablecoins have to be backed one-to-one by traditional assets, as well as anti-money laundering measures need to be put in place.
These additions are relevant given that major stablecoins like Tether have faced controversy in the past due to people doubting their claims of a one-to-one reserve.
While there has been some conversation about how these specifics will impact the U.S. economy, the markets were excited by the news. Specifically, the stock price for both Circle, a popular stablecoin issuer, and Coinbase, a top crypto exchange, soared in the wake of the news.
Coinbase saw a 16.32% stock price increase in the day following the victory, and Circle saw a 33.82% increase. While investors in both companies were clearly happy at the news, current U.S. President Donald Trump also celebrated. In a Truth Social post, he said that this bill would help to put America on top in the digital assets space.
“Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a 'clean' GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS," he said.
This is the latest in a long line of regulatory victories the crypto industry has scored in the last year. Naturally, 2024’s biggest win was the approval of spot ETFs for Bitcoin and ether.
2025, with the reelection of Donald Trump, has seen more support for the industry from institutions that have historically been hostile to it. Several lawsuits against major crypto companies, including Coinbase, from the Securities and Exchange Commission were dropped, for example.
Then, there have been multiple crypto companies applying for initial public offerings, as well as rumours of the next few cryptos to get spot ETFs in the United States. If this stablecoin bill can receive support in the Senate and pass, the industry will have even more to celebrate both in 2025 and beyond.