Journalist Eleanor Terrett reported that work on the GENIUS Act continues in the U.S. Senate.
According to her, if a package of amendments is passed through a simplified procedure, the bill could be approved by June 6.
On June 2, the market capitalization of stablecoins surpassed $250 billion for the first time.
The majority of that amount is attributed to U.S. dollar-pegged stablecoins.
The "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS Act) may be passed in the U.S. Senate as early as this week, by June 6, 2025.
This was reported by Fox Business journalist Eleanor Terrett, citing her sources.
What is this bill and what stage is it at?
The initiative was introduced in early February 2025 by Senator Bill Hagerty. In early March, several amendments were added to the bill, tightening requirements for stablecoin issuers. By mid-March, the bill received approval at the committee level.
More details about the bill and the specific measures outlined in the document can be found in a separate article:
The bill has faced criticism from Democrats. A group of senators blocked it over concerns that the legislation would serve as a "shield" for a platform linked to U.S. President Donald Trump, World Liberty Financial, and its stablecoin.
Work on the initiative has resumed
According to Terrett, the bill’s authors are working to secure bipartisan support, which would allow passing a number of amendments without a full cloture procedure.
Among other things, this includes: new disclosure requirements for government officials holding stablecoins; a ban on issuers from China and other sanctioned jurisdictions; reform of the Bank Secrecy Act; and more.
Terrett noted that if all parties come to an agreement, final approval of the GENIUS Act could happen by the end of this week. If procedural obstacles arise, the timeline may shift by a week, until June 9.
Against this backdrop, according to CoinGecko, stablecoin market capitalization has surpassed $250 billion for the first time. Of that, $245.5 billion belongs to dollar-backed stablecoins, underscoring the significance of regulatory changes in the U.S.
Notably, Paolo Ardoino, CEO of Tether—the issuer of USDT—has praised the GENIUS Act. However, he said the company does not plan to shift its focus solely to the U.S. market and will issue a separate stablecoin tailored to meet all regulatory requirements there.
