The GENIUS Act Just Passed the Senate - And It’s Already Reshaping U.S. Crypto Power

In a decisive 68-30 vote, the U.S. Senate has passed the GENIUS Act, marking the nation’s first federal framework for dollar-pegged stablecoins. The bill establishes full reserve, audit-backed guidelines for issuers and grants sweeping authority to Treasury Secretary Scott Bessent, who predicts the U.S. stablecoin market could reach $2 trillion in just a few years.

The move delivers the crypto industry’s biggest policy win yet, unlocking the path for banks, fintechs, and even retail giants to issue or integrate regulated stablecoins into their platforms. Already, Amazon and Walmart are reported to be exploring their own launches, and Shopify is rolling out USDC payments through Coinbase and Stripe.

Trump’s Digital Empire Looms Over the Bill

While Democrats pushed to ban presidential profits from digital assets, Republicans shut it down. The result? President Donald Trump walks away with $57 million in token revenue in 2024 alone, according to new disclosures. He holds nearly 16 billion governance tokens in World Liberty Financial (WLFI), which just launched stablecoins on Tron.

Critics call it “crypto corruption.” Voters may see it as strategy.

Stablecoins Are Eating Traditional Finance

Stablecoin volume hit $28 trillion in 2024, more than Visa and Mastercard combined, per Deutsche Bank. Banks are taking note:

• Bank of America is exploring issuance
• JPMorgan just launched JPMD, its on-chain deposit token, on Coinbase’s Base network
• Stripe, Coinbase, and Shopify are integrating stablecoin rails for instant settlement

And now, with federal clarity in place, traditional finance is preparing to go full crypto-native.

Why This Changes Everything

• Treasury is now the gatekeeper, not the Fed
• Private sector innovation has an open runway, if they comply
• Retailers and fintechs can issue stablecoins, but Big Tech must partner with banks
• Tokenized dollars are now a regulated financial instrument

Meanwhile, Trump’s crypto portfolio, including $TRUMP memecoins, a $2.5B BTC treasury, and upcoming TruthFi ETFs, continues to expand his influence over the industry’s future.

Next Stop: The House and the STABLE Act Showdown

The GENIUS Act now moves to the Republican-controlled House, where it will need to be reconciled with the competing STABLE Act. That version splits oversight across the Fed, OCC, and others, setting up a power struggle over who controls America’s digital dollar.

Expect fierce negotiations and even fiercer lobbying from both Wall Street and Silicon Valley.

With the Senate passing the GENIUS Act and Trump raking in tens of millions from token deals, the U.S. just pivoted from crypto chaos to crypto clarity. Stablecoins are officially part of the financial system, and the real battle between public regulators and private innovators has only just begun.

‍