The Blockchain Association has expressed approval following the Senate's approval of the GENIUS Act, marking a significant milestone as the chamber's first standalone pro-cryptocurrency legislation in the United States.
The bipartisan bill was sponsored by Senator Bill Hagerty from Tennessee and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis. It aims to establish a regulatory framework for dollar-backed stablecoins while reinforcing America's financial leadership.
Summer Mersinger, CEO of the Blockchain Association, stated, "The Senate’s passage of the GENIUS Act is a landmark moment for the future of U.S. financial and technological leadership. By advancing bipartisan stablecoin legislation, the Senate has taken a critical step toward providing the legal and regulatory clarity needed to foster responsible innovation and protect consumers." She added that this development benefits American developers, entrepreneurs, and supporters of blockchain technology.
The legislation comes amid rapid growth in the market for stablecoins, which Treasury Secretary Scott Bessent testified could reach $2 trillion in coming years. More than 98% of these coins are currently denominated in U.S. dollars. Senator Hagerty highlighted that the bill "would strengthen our fiscal position and cement the dollar’s status as the world’s reserve currency."
Stablecoins are noted for their potential advantages over traditional financial systems, including low-cost transfers and faster settlements. Recent data indicates increased transaction volumes over the past year, showing rising consumer adoption.
Following its passage in the Senate, the bill will proceed to the House of Representatives. The Blockchain Association looks forward to supporting its progress towards becoming law.
About Blockchain Association: The association represents cryptocurrency industry voices, including leading investors and companies advocating for innovative national policies and regulatory frameworks.
