The GENIUS Act will be voted on in the Senate this evening.

Last week, the US Senate, which carried the process to the final vote with the interim voting, will make its final decision on the GENIUS Act this evening. The outcome of the stable coin law, which is very important to Americans, is also eagerly awaited by trillion-dollar giant companies.

Walmart and Amazon have also joined the fray

As a reminder, it was reported last week that the two major retail companies in the US, Walmart and Amazon, had also taken steps to launch their own stable coins. Last night, news broke that JPMorgan had filed a trademark application for a stable coin, making tonight's Senate vote of great importance.

The House of Representatives process will begin

In the Senate vote that will start around 23:30 this evening, if at least 51 of the 100 senators vote "Yes", the GENIUS Act will proceed to the House of Representatives.

What do the supporters say?

The law has divided both politicians and the public in the U.S. While supporters are more numerous, critics are not few either. Those in favor of the law emphasize more on investor protection.

Republican Senator Bill Hagerty, one of the names behind the bill, says, "If we do not act, these opportunities will slip away from us and digital dollar innovation will move outside the U.S. We are bringing America’s dollar innovation into the 21st century."

Law supporters also state that 99% of stable coins are indexed to the dollar and therefore contribute to the preservation of the US dollar as a global power.

What do the opponents say?

There are strong claims from those who do not support the law... While it is claimed that the issuance of stable coins by a large number of companies and institutions will make supervision increasingly difficult, Democratic Senator Jeff Merkley states, "We do not want a system where authorities encourage coin issuance for their own profit. This law could create such an environment."

"They demand rescue from the state when they fail"

Elizabeth Warren states that if the bill is passed in its current form, technology billionaires could issue digital currency while evading banking regulations and exploit users' data.

"If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could issue stable coins that track your purchases, use your data, and eliminate competitors from the market. Also, if the stable coins fail, they will demand a bailout from the government."

In the event that the bill becomes law, many competitors will emerge for well-known stable coins such as USDT and USDC. As a reminder, in recent weeks, World Liberty Financial, led by Trump, had also launched its own stable coin called USD1.

Published: June 17, 2025 10:37 Last Updated: June 17, 2025 10:44