The GENIUS Act was passed by the U.S. Senate Banking Committee by a vote of 18 to 6, endorsing regulation of stablecoins on March 14, 2025. The bill lies in wait and wants to institute a regulatory system within which the stablecoin issuers will be allowed to operate their businesses. The release follows an excellent session in the cryptocurrency world as Bitcoin teetered just above $84,000 while Solana tallied more than a 7% gain.
GENIUS Stablecoin Bill Breakdown
The GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, will create federal regulations regarding the creation of stablecoins. The committee will refer the bill to the full Senate for consideration.
There is already a companion bill awaiting committee approval in the House of Representatives, indicating bipartisan support for regulation of stablecoins.
Several Senators made their remarks in response to the hearing. A broad coalition of bipartisan sponsors supports the bill, but Democratic Senators like Elizabeth Warren have expressed concerns about its national security implications. Warren was against the speed of the bill, associating it with possible clashes between President Trump and a questionable business partner.
Market Impact of the GENIUS Act
The cryptocurrency market also reacted positively towards the Senate’s passage of the GENIUS Act. The rate of Bitcoin’s price is consistent at a value of around $84,000. Its value over the last 24 hours decreased by 0.1%. The market capitalization of the cryptocurrency is valued at $1.67 trillion. The price level of its trading has ranged from $81,771 and $85,263.
Solana topped all altcoin markets with a robust rise of 7.09%. Other cryptocurrencies like XRP and Ethereum rose by 6.37% and 1.91%, respectively. The overall market capitalization of all the cryptocurrencies went up to $2.75 trillion, and the daily trading volumes fell by 14.82%.
Future Outlook on Crypto Regulation
Passage of the GENIUS Act is a significant milestone for the U.S. crypto community. If the House bill and the Senate bill were combined, the result would be best-of-breed stablecoin regulations. Some of the bill’s proposed amendments include language that would define stablecoin issuance and protect customers in the event of bankruptcy.
Ripple CEO Brad Garlinghouse applauded the bill’s passage, declaring that stablecoin regulation is under way in America. He also praised the efforts of several Senators in developing the GENIUS Act.
As the regulatory landscape continues to change, industry players are monitoring the situation carefully as the drama unfolds. Successful passage of the GENIUS Act has the potential to lay the groundwork for more official regulation of cryptocurrencies, which could determine their eventual utilization and adoption.
