- The GENIUS Act passed with a 68-30 bipartisan vote.
- Crypto czar David Sacks praised the move as the best way forward to unlocking trillions of dollars of US Treasury demand.
The cryptocurrency industry has just achieved what it considers its first major victory in the legislature. Despite some strong opposition from some key figures in the Democratic Party, the GENIUS Act passed with a 68-30 bipartisan vote. Interestingly, 15 Democrats joined the Republicans to bolster support for the bill.
David Sacks Praises Senate’s Decision
David Sacks, US President Donald Trump’s AI (artificial intelligence) and crypto advisor, commended the move. He believes that the passage of the stablecoin bill will provide the much-needed regulatory clarity in the digital assets sector. Additionally, it enhances consumer protection and expands the US dollar’s dominance. He especially thanked the president for his support and Senator Bill Hagerty for authoring the bill.
Previously, the crypto czar stated that the GENIUS Act is the key to unlocking more US Treasury demand. With over $250 billion stablecoin circulating in the market right now, Sacks estimates that their integration within the federal government’s legal framework could immediately create trillions of dollars of demand for the country’s treasuries. In fact, he boldly claimed that it could happen “practically overnight.”
Sack’s beliefs echoed Senator Kirsten Gillibrand’s (D-NY). The politician who serves as one of the sponsors of the bill earlier said, “The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar.”
GENIUS Act Heads to the House
The GENIUS Act will still face further scrutiny under the House of Representatives, which has its own version of the bill called the STABLE Act. The two share the same mechanics, particularly barring yield-bearing consumer stablecoins. However, they diverge on the regulatory aspects.
The Senate’s version gives the Treasury a sweeping authority over the matter, while the House recommends dividing its oversight among the Federal Reserve, the Comptroller of the Currency, and other related government bodies. Nevertheless, the crypto community sees the GENIUS Act’s approval in the Senate as significant progress, which may eventually lead to the realization of its goals.
Some analysts have pointed out that harmonizing the provisions of the Senate-approved GENIUS Act and the House-supported STABLE Act may take some time. Wyoming Representative Cynthia Lummis even admitted during the Bitcoin 2025 conference in Las Vegas that they had underestimated the hurdles the stablecoin bill would face in the legislature.
