Senate Passes Landmark Bipartisan Crypto Regulation Bill, Sends GENIUS Act to House
Washington, D.C., June 17, 2025 — In a historic move, the U.S. Senate voted 68-30 on Tuesday to pass the GENIUS Act, a bipartisan bill aimed at establishing the first comprehensive regulatory framework for digital assets, specifically focusing on stablecoins. This legislation marks the first major step by the Senate in regulating the rapidly growing cryptocurrency sector.
The bill garnered significant support, with 18 Democrats joining most Republicans in favor. Only two Republicans, Senators Rand Paul of Kentucky and Josh Hawley of Missouri, opposed the measure. The vote reflects an uncommon level of cooperation between the two parties on an issue that has long been a point of contention on Capitol Hill.
Setting a Regulatory Framework for Stablecoins
The GENIUS Act addresses the regulation of stablecoins — digital tokens pegged to fiat currencies like the U.S. dollar — by imposing consumer protection safeguards and restrictions on technology companies that issue these digital assets. The legislation also introduces ethics standards that apply to special government employees, a move designed to enhance transparency and accountability within the burgeoning crypto industry.
Senator Bill Hagerty (R-Tenn.), the bill’s lead author, hailed the passage as a pivotal moment for U.S. innovation and financial leadership. "With this bill, the United States is one step closer to becoming the global leader in crypto," Hagerty said during a Senate floor speech. Highlighting the bill’s broader economic implications, he added, "This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries."
Bipartisan Negotiations Pave the Way
The underlying framework of the GENIUS Act was first approved by the Senate Banking Committee in April with backing from some Democrats. However, the bill stalled in May amid calls from Democratic leaders, including Senate Majority Leader Chuck Schumer (D-N.Y.), for stronger national security and anti-money laundering provisions.
After weeks of negotiations, a bipartisan group of senators, including Republicans Cynthia Lummis (Wyo.) and Democrats Mark Warner (Va.), Kirsten Gillibrand (N.Y.), Angela Alsobrooks (Md.), and Ruben Gallego (Ariz.), reached a compromise that addressed key Democratic concerns. These amendments introduced tighter consumer protections and restrictions designed to reduce the risk of abuse by illicit actors while maintaining a regulatory environment conducive to innovation.
Senator Lummis praised the collaborative effort, telling NBC News that the extensive bipartisan negotiations were crucial to securing broad support. "They did get more of what they wanted. They should be voting yes, because they were extremely influential in shaping the legislation," Lummis said.
Criticism and Concerns Amid Celebration
Despite the legislative breakthrough, some Democrats expressed dissatisfaction with the bill’s limitations. Senator Elizabeth Warren (D-Mass.), ranking member of the Senate Banking Committee, criticized the legislation as insufficient for addressing risks related to national security and consumer protection. Warren contended that the bill was crafted too closely with industry interests and would enable continued crypto activities by former President Donald Trump and his family, whose cryptocurrency ventures recently generated substantial income.
Newly released financial disclosures show Trump earned $57.3 million last year from his family’s cryptocurrency company, World Liberty Financial. While the GENIUS Act includes a provision barring members of Congress and senior executive officials from issuing stablecoin products while in public service, Warren argued it does not go far enough to prevent exploited regulatory loopholes by high-profile individuals or criminal networks.
“This is a bill that was written by the industry that will supercharge the profitability of Donald Trump’s crypto corruption, while it undercuts consumer protection and weakens our national defense,” Warren stated.
Next Steps: House Review
With Senate approval secured, the GENIUS Act moves to the Republican-controlled House of Representatives. The House has been developing its own bipartisan cryptocurrency regulatory framework, and lawmakers there are expected to closely evaluate the Senate’s version as discussions continue.
The passage of the GENIUS Act signifies a major juncture in U.S. efforts to bring oversight to the cryptocurrency market. As digital assets become increasingly central to global finance, Congress grapples with balancing innovation, consumer safety, and national security priorities.
Scott Wong and Julie Tsirkin contributed reporting for this article.