The U.S. cryptocurrency regulation takes a key step! The stablecoin bill passed the Senate on Tuesday

According to Zhitong Finance APP, the U.S. Senate will hold a final vote on the GENIUS Act on June 17 (Tuesday) local time. This bill aims to regulate stablecoins and is expected to pass, with the crypto industry hoping to enhance its legitimacy through this legislation.

Last Wednesday, the U.S. Senate passed a procedural motion to amend the GENIUS Act with a vote of 68 to 30, clearing the procedural hurdles facing the bill. This stablecoin legislation will establish regulatory rules for dollar-pegged tokens used for payments. The core legislative provision requires stablecoin issuers to hold 100% dollar-equivalent asset reserves, including short-term U.S. Treasury bonds or regulated cash-like assets. Supporters believe this will drive dollar-pegged stablecoins to become mainstream payment tools. U.S. Treasury Secretary Janet Yellen stated last week that the bill could help the U.S. stablecoin market surpass $2 trillion by the end of 2028.

It is reported that 18 Democratic senators support the bill, which is expected to pass in the Senate with a vote of 53 to 47 alongside the majority Republican senators. Some senators view this bill as a product of bipartisan cooperation. Maryland Democratic Senator Angela Alsobrooks stated, "We didn't manage to include everything we wanted in the bill, but this is a good bipartisan achievement." Senate Banking Committee Chairman and South Carolina Republican Senator Tim Scott stated last week, "The GENIUS Act will be the most important digital asset legislation passed by the U.S. Senate. This is the result of months of bipartisan efforts."

However, most Democrats still oppose the bill. They point out that the bill does little to address former President Trump's personal financial interests in the cryptocurrency space. The bill includes a provision that prohibits members of Congress and their families from profiting from stablecoins, but this ban does not apply to the president and his family.

Massachusetts Democratic Senator Elizabeth Warren bluntly warned that the bill "opens a fast track" for Trump's corrupt behavior. She also warned that the bill could allow large tech companies like Amazon (AMZN.US) and Meta (META.US) to launch their own stablecoins.

It is worth mentioning that even if the bill passes the Senate smoothly on Tuesday, it still faces several hurdles before reaching the president's desk for signing. It also needs to pass the House of Representatives, which is narrowly controlled by Republicans, and House members may attempt to attach a broader market structure bill—making its passage in the Senate more difficult. Trump previously stated that he hopes the bill will reach his desk before Congress goes on recess in August—less than 50 days from now