US President Donald Trump urged the swift passage of the GENIUS Stablecoin Act after Senate approval with a 68-30 vote.
US President Donald Trump urged the House to pass the GENIUS Stablecoin Act as soon as possible so that he can sign it into law. The stablecoin bill is a breakthrough for the US crypto industry, while Treasury Secretary Scott Bessent notes that “stablecoins can reinforce dollar supremacy”.
In his message on the Truth Social platform following the Senate approval, Trump wrote:
”The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
On June 17, the Senate passed the GENIUS Act with a 68-30 vote. The Litmus test will be passing through the House, where the Republicans hold a slim majority over the Democrats.
In his message on the X platform, Treasury Secretary Scott Bessent said:
“This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal”.
Moreover, other supporters of the GENIUS Act argue that it could be instrumental in preserving the US dollar’s dominance in global finance.
Senator Bill Hagerty, the bill’s sponsor, stated that the legislation would enable businesses of all sizes and Americans nationwide to settle payments almost instantly, eliminating the delays of days or even weeks.
Crypto Stocks Coinbase, Circle Rally on Stablecoin Bill Optimism
On June 19, shares of Coinbase Inc (NASDAQ: COIN) or Circle Internet Group (NYSE: CRCL) soared after US lawmakers shared optimism with the advancement of the GENIUS Act for House approval.
Coinbase (COIN) ended the day up 16.32%, closing at $295.29. Meanwhile, Circle (CRCL), surged 33.82% to close at $199.59. Since the Circle IPO last week, CRCL stock has witnessed a mega rally and is now trading 6.5 times the issue price of $31 per share.
USDC stablecoin issuer is largely to benefit from the bill as most of its revenue is derived from interest earned on the reserves backing USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.83 B Vol. 24h: $7.93 B , which it co-founded with Coinbase back in 2028.
$COIN 🚀
Market is slowly discovering that Coinbase gets 50% of $CRCL revenue generated from USDC + 100% of revenue from USDC on Coinbase platform + an equity stake
+ GENIUS Act just passed the Senate. It's a Stablecoin Summer 🌊
+ they're filing to tokenize stocks on platform… pic.twitter.com/ADRmRQ16Si
— GENCO (@gencostocks) June 18, 2025
The GENIUS Act aims to establish a comprehensive regulatory framework for dollar-pegged payment stablecoins. It mandates full 1:1 reserve backing, requires federal or state-level licensing, enforces Anti-Money Laundering compliance, and ensures robust consumer protections.
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