Senate passes GENIUS Act, backed by Ripple, Coinbase, and Gemini, establishing a pro-growth stablecoin framework.
The crypto industry leaders are exhaling a sigh of relief as the US Senate has effectively passed the GENIUS Act. Ripple, Coinbase, and Gemini applaud the Senate’s decision, anticipating that the new stablecoin regulation will encourage innovation and growth in the crypto sector.
Crypto giants warmly welcome the GENIUS Act
Significantly, the crypto industry has experienced a resurgence of optimism due to the US Senate’s recent decision on stablecoin regulation. Ripple, Coinbase, and Gemini, crypto behemoths, are optimistic about significant regulatory reform in the United States following the Senate’s approval of the GENIUS Act. They celebrate the stablecoin bill’s passage as a substantial victory for the crypto industry. Experts also appreciate the US Senate’s bipartisan efforts to provide regulatory clarity.
Ripple’s CEO Applauds Historical Moment
Ripple CEO Brad Garlinghouse expressed his enthusiasm for the GENIUS Act’s passage in an X post earlier today. He celebrates it as “the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate.” This is a “truly historic move” for the Ripple CEO. Garlinghouse expressed his gratitude to Senators Tim Scott, measure Hagerty, Kirsten Gillibrand, and others for their leadership in the passage of the stablecoin measure, commemorating the significant victory for the crypto industry.
Gemini Appreciates Senator Hagerty and David Sacks
Tyler Winklevoss, the co-founder of Gemini, was another prominent figure to celebrate the US Senate’s stablecoin action. In an X post, he expressed his appreciation to Senator Hagerty for his leadership in the effort to pass the GENIUS Act and for advocating for crypto in the Senate. He further stated, “The GENIUS Act will facilitate the transition of the United States to a global leader in the crypto industry.” In another X post, he expressed his gratitude to crypto czar David Sacks for fulfilling his commitment to the cause.
CLO of Coinbase Declares That 68 Senators Are Leading the Way
Coinbase CLO Paul Grewal expressed his gratitude to the Senators in his X post for their willingness to set aside their differences and collaborate on a shared objective that benefits the nation. He stated that the 68 Senators who endorsed the measure were dedicated to advancing America’s interests in the crypto sector. He observed, “Done. I am grateful to the 68 (!) Senators who prioritized the interests of the United States over trivial politics today.”
The Stablecoin Bill Establishes a New Era of Cryptocurrency Regulation
The GENIUS Act was advanced by the US Senate on June 17, with a bipartisan vote of 68-30, thereby enabling a final vote on stablecoin regulations. This is a critical advancement in the US crypto industry’s pursuit of regulatory clarity.
The growing demand has emphasized the necessity for effective and transparent regulations. Leaders such as David Sacks have been explicitly vocal about the regulation of stablecoins and the GENIUS Act. He declared,
We already have over $200 billion in stablecoins — it’s just unregulated. If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly…Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy. It also extends the dominance of the dollar online.
The Senate invoked cloture on Senator Bill Hagerty’s amendment to the stablecoin bill last week, voting 68-30. The bill will be forwarded to the White House for President Donald Trump’s consideration if the US House approves it. It is important to note that the White House has already expressed its support for the GENIUS Act and CLARITY Act, urging Congress to enact them before the July recess.
