The US Senate is actively discussing the bill “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS Act), which could be approved as early as this week, by June 6, 2025. Fox Business journalist Eleanor Terrett reported that work is currently underway on a package of amendments that could be passed through a streamlined process, allowing for expedited consideration of the document.
This is reported by Business • Media
“According to her, if the package of amendments can be approved through a streamlined process, the bill could be passed by June 6.”
Features of the GENIUS Act and Progress of the Review
The initiative was introduced in early February 2025 by Senator Bill Hagerty. By March, key amendments had been made to the bill that strengthened the requirements for stablecoin issuers. In mid-March, the document received approval at the level of the Senate’s relevant committee.
Despite this, the GENIUS Act has faced resistance from some Democrats. A group of senators blocked it, fearing that the bill could become a “protection” tool for the World Liberty Financial platform associated with Donald Trump and its stablecoin.
Resumption of Work and Key Provisions of the Bill
According to Eleanor Terrett, the authors of the GENIUS Act are making efforts to gain bipartisan support. This will allow for the passage of a number of amendments without going through the full procedure for ending debate in the Senate.
- Introduction of new disclosure requirements for officials who own stablecoins;
- Prohibition of activities by issuers from China and other sanctioned jurisdictions;
- Reform of the Bank Secrecy Act and other innovations.
If all parties support the compromise changes, the final vote on the GENIUS Act could take place by the end of this week. At the same time, if additional procedural hurdles arise, consideration of the document may be postponed until June 9.
The significance of the regulatory changes is underscored by the recent market growth: according to CoinGecko, on June 2, 2025, the total market capitalization of stablecoins exceeded $250 billion for the first time, of which $245.5 billion is attributed to dollar-denominated assets.
Paolo Ardoino, CEO of Tether, the issuer of USDT, praised the GENIUS Act but noted that the company does not plan to shift its focus to the US market. Instead, a separate stablecoin is planned for the US that will comply with all local regulatory requirements.