The spotlight on the crypto world shifted to the US Senate, which on 17 June 2025 passed by a bipartisan vote (68-30) the Genius Act, the first federal legislation designed to regulate Stablecoins.
This law introduces stringent requirements: issuance only permitted to approved entities, one-to-one reserve guaranteed by liquid assets such as dollars or Treasuries, monthly transparency, and annual audits for issuers above 50bn capitalisation.
The Senate debate touched on hot political topics, including conflicts of interest related to the Trump family, supervisory authorities, and risks related to big tech and possible foreign issuers.
This legislative change is a turning point: it means that stablecoins such as USDC, USDT and others take on a structural role in the American financial infrastructure, no longer on the margins. But what do these rules imply for the global crypto ecosystem? First and foremost, Bitcoin and Ethereum, the main market participants, could benefit indirectly: the certainty of the regulatory framework reduces uncertainty and systemic volatility.
Thanks to the Genius Act, Stablecoin transactions become more reliable and regulated, also strengthening DeFi applications and instruments built on Bitcoin and Ethereum. Investors, frightened by defaults like Earth-Moon in 2022, might look favourably again at on-chain solutions backed by concrete reserves. Indeed, a solid framework reassures not only traders, but also banks, fintechs and retailers that they could adopt stablecoins for payments and instant liquidity.
The crypto sector reacted with enthusiasm but also caution. Circle and Coinbase saw their shares soar: CRCL jumped 20-27 %, COIN 11 %.
However, the markets for Bitcoin and other cryptos continue to be affected by macroeconomic variables and geopolitical tensions.
The future of the Genius Act now passes to the House, where the text will have to contend with the STABLE Act or potential amendments to the Clarity Act, a broader crypto market regulation bill. Timing is crucial: the aim is to pass the text before the summer recess in August, so as to present it to President Trump, who has expressed interest in seeing an operational decree before then.
And on the Italian and European scene? This American regulatory acceleration may push regulators at the local level to find rapid and structured solutions, realigning Europe to the new global standard. The real challenge? Turning this text into a milestone capable of providing stability, openness and security to the entire digital asset sector, while ensuring flexibility and innovation in step with the future.
With a masterstroke, the Senate has raised the curtain on a new founding act of the crypto era: either this script is written well, or Europe is once again left to stand in the wings.
Source link: https://www.theblock.co/post/358429/senate-passes-stablecoin-bill-turning-focus-to-house
