The U.S. Federal Senate passed the 'GENIUS Act', a stablecoin regulation bill, in a plenary session on June 17th (local time). This bill was promoted during the Trump presidency and is understood as one of the strategies to lead technological innovation in the digital asset sector while solidifying the status of the dollar.
The bill's name GENIUS is an acronym for 'Guiding and Establishing National Innovation for U.S. Stablecoins', which primarily aims to establish a specific federal regulatory framework for the issuance and operation of stablecoins. The bill includes mandatory registration for issuing institutions, standards for legal currency-based reserves, user protection provisions, and clearly defines the supervisory authority of the Treasury Department and the Federal Reserve Board (FRB).
Bill co-sponsor Senator Bill Haggerty stated that this is an "essential measure to protect the global influence of the U.S. dollar" and that it will be "an important stepping stone to make the United States the center of digital asset innovation". Another bill sponsor, Senator Cynthia Lummis, emphasized just before the plenary vote that "this bill will provide clarity and accountability to the stablecoin industry and serve as an opportunity to enhance market confidence".
The legislation is also analyzed to align with the policy direction of the Trump administration. As the global digital asset ecosystem rapidly grows, the usage of stablecoins has also surged. Along with this, as institutional gaps and regulatory uncertainty have emerged as market risks, the perception has spread that legislative response is inevitable to address these issues.
The bill will go through the House passage process and will be officially enacted into law after the final signature of the president. Given that President Trump has previously stated that "digital financial leadership must be held by the United States", there are predictions that his signature will be smoothly obtained.
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