Landmark stablecoin legislation strengthens dollar dominance and positions America as global leader in digital finance
Washington, D.C. (June 17, 2025) – Blockchain Association today celebrated the Senate’s passage of the GENIUS Act, marking a historic milestone as the chamber’s first standalone, comprehensive pro-cryptocurrency legislation in the United States.
The bipartisan bill, sponsored by Senator Bill Hagerty (R-TN) with cosponsors Sen. Tim Scott (R-SC), Sen. Kirsten Gillibrand (D-NY), and Sen. Cynthia Lummis (R-WY) establishes a clear regulatory framework for dollar-backed stablecoins while reinforcing America’s financial leadership.
“The Senate’s passage of the GENIUS Act is a landmark moment for the future of U.S. financial and technological leadership. By advancing bipartisan stablecoin legislation, the Senate has taken a critical step toward providing the legal and regulatory clarity needed to foster responsible innovation and protect consumers,” said Summer Mersinger, Blockchain Association CEO. “This is a win for American developers, entrepreneurs, and millions of people who believe in the promise of blockchain technology and the strength of the U.S. dollar in the digital age. We commend lawmakers on both sides of the aisle for their leadership and urge continued collaboration to build a comprehensive regulatory framework that keeps the U.S. at the forefront of global innovation.”
The legislation addresses a rapidly growing market that Treasury Secretary Scott Bessent recently testified could reach $2 trillion in coming years, with more than 98% of stablecoins currently denominated in U.S. dollars. Senator Hagerty emphasized how the bill “would strengthen our fiscal position and cement the dollar’s status as the world’s reserve currency.”
Stablecoins offer transformative benefits over legacy financial systems, including efficient low-cost transfers, faster settlements, and the ability to instantly execute transactions that fuel new financial products. Recent market data shows transaction volumes have skyrocketed over the past year, demonstrating growing consumer adoption and economic utility.
With Senate passage complete, the legislation moves to the House of Representatives. We look forward to the next phase of the legislative process and stand ready to offer our support as this important legislation moves closer to becoming law.
About Blockchain Association: Blockchain Association is the collective voice of the cryptocurrency industry. Our members include the sector’s leading investors, companies, and projects, working together to support a future-forward, pro-innovation national policy and regulatory framework for the crypto economy. Find us at theblockchainassociation.org. Follow us @BlockchainAssn.
