Active work is underway in the United States Senate on the bill “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS Act), which may be approved as early as this week, by June 6, 2025. This was reported by Fox Business journalist Eleanor Terrett, citing her own sources.
This is reported by Finway
“If a package of amendments can be passed through a streamlined process, the bill may be approved by June 6.”
Overview of the Bill and Its Path in the Senate
The legislative initiative was introduced by Senator Bill Hagerty in early February 2025. Throughout March, a number of amendments were added to the text of the document, which strengthened the requirements for stablecoin issuers. In mid-March, the bill received support at the Senate committee level.
However, the initiative faced opposition from some Democrats. A group of senators blocked the advancement of the document due to concerns that the project could serve as a “protection” for the World Liberty Financial platform, associated with U.S. President Donald Trump, and its stablecoin.
Resumption of Work and Prospects for Approval
According to Terrett, the developers of the GENIUS Act are currently seeking bipartisan support, which would allow for the approval of several amendments without employing the full procedure for ending debates. Among the key changes are new disclosure requirements for public officials who own stablecoins, a ban on activities by issuers from China and other sanctioned jurisdictions, as well as a reform of the Bank Secrecy Act.
Terrett noted that if there is support from all sides, final approval of the GENIUS Act could be possible by the end of this week. However, if procedural difficulties arise, consideration of the bill may be postponed until June 9.
Amid these discussions, the stablecoin market reached a new historical high: according to CoinGecko, on June 2, its capitalization exceeded $250 billion for the first time, of which $245.5 billion is attributed to dollar-pegged stablecoins. This underscores the relevance of developing effective regulation in the U.S.
At the same time, Tether CEO Paolo Ardoino praised the GENIUS Act but emphasized that the company does not plan to shift its focus to the U.S. market. If the bill is passed, Tether will launch a separate stablecoin for the American market that will comply with all regulatory requirements.