The U.S. Senate is nearing the final debate on its stablecoin legislation, with industry advocates urging lawmakers to stay focused despite competing legislative efforts. If the bill passes this week, it will be the first significant crypto law to clear the Senate, marking a historic milestone for digital asset regulation.
The legislation in question, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, has undergone numerous revisions and aims to establish clear rules for stablecoin issuers—tokens like Tether and Circle that are typically pegged to the U.S. dollar. Having already advanced through the Senate Banking Committee and received bipartisan support in an earlier floor vote, the bill’s progress is promising. However, some Democratic critics have linked the legislation to President Donald Trump’s personal crypto interests, adding political complexity.
Major Washington lobbying groups, including the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund, and the Digital Chamber, are calling on senators to prioritize the bill’s core goal: creating a targeted, comprehensive framework for stablecoin oversight. This marks a significant moment for the new Blockchain Association CEO, Summer Mersinger, who recently left her post at the Commodity Futures Trading Commission to lead advocacy efforts.
Senate Majority Leader John Thune has indicated that the final debate on the GENIUS Act will be open to amendments, with over 50 proposals submitted. As with many bills gaining momentum, some lawmakers are attempting to attach unrelated measures—such as the Credit Card Competition Act—to ride the crypto legislation into law. Analysts estimate that the credit card bill has only a 10-15% chance of passing, while the GENIUS Act has a more optimistic 60-65% likelihood of becoming law this year.
Passing the Senate is a critical step, but the legislation still needs approval from the House of Representatives, which may have different ideas on regulating stablecoins. If both chambers agree, it could finally establish a long-awaited regulatory framework for stablecoins, potentially sparking a new phase of growth in the crypto industry.
