The United States Congress, in a move that could only be described as a legislative rollercoaster, passed the GENIUS Act on Thursday, July 17, 2025. This bill, cheekily named “Guiding and Establishing National Innovation for U.S. Stablecoins,” is the first major crypto law to sashay through the Capitol. It’s now headed to President Trump’s desk, where it’s expected to get a flashy signature faster than you can say “blockchain.”
The Senate gave the GENIUS Act a thumbs-up last month with a 68-30 vote, but the House turned it into a drama worthy of a reality TV show. Some Republican lawmakers threw a tantrum, objecting to the bill’s travel companions—two other crypto bills that didn’t make the cut. It took President Trump swooping in and a record-breakingly long vote to calm the chaos and push the bill through with a bipartisan 308-122 vote.
What’s the big deal about stablecoins? These digital dollars, pegged to the U.S. dollar to avoid the wild swings of their crypto cousins, are the stars of the GENIUS Act. The bill demands that issuers back these coins with safe assets, such as cash or Treasury bills, and spill the beans on their reserves monthly.
But not everyone’s popping champagne. Critics, including Corey Frayer from the Consumer Federation of America, are waving red flags. They argue the rules are flimsier than a paper wallet, letting non-financial companies issue stablecoins without the strict oversight banks face.
The crypto industry, meanwhile, is grinning wider than a Bitcoin whale. After splashing over $100 million on last year’s Congressional races, they’ve got lawmakers listening. Frayer quipped, “This is what political power can buy you,” noting that the industry’s war chest scares off potential naysayers.
The GENIUS Act’s passage marks a U-turn from the Biden era’s iron-fisted approach to crypto regulation. Back then, the SEC wanted digital currencies to follow Wall Street’s rulebook. Now, the U.S. is rolling out a crypto-friendly welcome mat, hoping to stay ahead in the global digital race.
Stablecoins aren’t just for crypto nerds trading on exchanges. They’re catching on in places like Latin America and Sub-Saharan Africa, where they’re used for cross-border payments and dodging shaky local currencies. The bill aims to make these coins legit, potentially growing the $238 billion stablecoin market to a whopping $2 trillion in a decade, according to Treasury Secretary Scott Bessent.
But the party’s not over. Two more crypto bills are waiting in the wings. The Clarity Act, which passed the House 294-134, wants to decide whether the SEC or the Commodity Futures Trading Commission gets to babysit crypto, while another bill aims to ban a U.S. digital dollar, citing privacy concerns.
These bills still need Senate approval, and if the GENIUS Act’s journey is any clue, it’ll be a wild ride. Some Democrats, like Rep. Maxine Waters, aren’t thrilled, arguing the bills could let shady practices slip through. They pushed for tougher anti-corruption rules but came up short.
The crypto crowd, though, is already planning its victory lap. Posts on X are buzzing, with users calling the GENIUS Act a game-changer for the financial system. One enthusiastic poster even declared stablecoins the “new financial system,” though skeptics wonder if it’s all hype.
On the flip side, critics worry the bill’s loose rules could turn stablecoins into a playground for ransomware hackers and drug cartels. The anti-money laundering provisions are a start, but some say they’re about as effective as a screen door on a submarine. Frayer warned that the bill gives stablecoins a “veil of regulation” without the muscle to back it up.
Still, supporters argue it’s better than the current Wild West of crypto. Sen. Kirsten Gillibrand, a bill sponsor, called it a step toward protecting consumers and boosting innovation. The industry’s cheering, with experts predicting a flood of new players entering the stablecoin game.
The GENIUS Act’s journey wasn’t without its comedic moments. House Speaker Mike Johnson dubbed the week “Crypto Week,” but it felt more like “Crypto Chaos Week” as rebels stalled votes for hours. In the end, they cut a deal, proving that in Washington, even digital dreams need old-school elbow grease.
