U.S. Senate to Decide Stablecoin Future with GENIUS Act on June 17

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The U.S. Senate is preparing for a key vote on the GENIUS Act, a new bill that could shape the future of stablecoins in America. The vote is scheduled for Tuesday, June 17, and could mark a turning point for crypto regulation in the country. The U.S. Treasury Secretary believes the stablecoin market cap could exceed $2 trillion in the next few years.

What’s the GENIUS Act About?

The full name of the bill is the Guiding and Establishing National Innovation for U.S. Stablecoins Act. Its goal is to bring legal clarity to stablecoins by setting specific rules for issuers. If passed, stablecoin providers would be required to fully back their tokens with U.S. dollars or other liquid assets. The bill also mandates yearly audits for companies that issue more than $50 billion worth of stablecoins, and it includes extra compliance measures for foreign issuers like Tether.

What Happens After the Senate Vote?

If the Senate passes the GENIUS Act, the bill will move to the House of Representatives for further review and voting. The House already has its version of a stablecoin bill, called the STABLE Act, which was passed out of committee in May. However, the two bills differ in some key areas, especially in how they regulate state-based issuers and handle oversight for foreign stablecoin companies. For the legislation to become law, both the Senate and House must agree on a final version of the bill.

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Why This Matters Now

Stablecoin legislation has become a hot topic, especially after President Donald Trump voiced support for clearer crypto laws. Trump wants to see progress by August, adding urgency to the process. Earlier this week, U.S. Treasury Secretary Scott Bessent said that passing such a law could open the door for massive growth in the stablecoin sector. He even predicted the market could explode to over $2 trillion by 2028. Right now, the USD stablecoin market stands at around $252 billion, according to CoinGecko.

Tuesday’s vote could be the first major step toward building a clear and unified rulebook for stablecoins in the U.S. Whether the GENIUS Act becomes law or not, it’s clear that Washington is finally getting serious about crypto regulation.

Globally, big investors are eyeing the stablecoin market, and if approved in the US, it will open the door for global investors to flood the US market. In parallel news, China’s largest fintech company, Ant Group, plans to launch stablecoin payments and is preparing to apply for licenses in Singapore and Hong Kong.