The Senate’s advancement of the GENIUS Act with a 66–32 cloture vote signals meaningful momentum toward establishing a federal regulatory framework for stablecoins.

The bill outlines clear licensing standards, reserve mandates, and consumer protections—components that could significantly boost market confidence and provide long-awaited clarity for issuers and investors alike.

It also positions the U.S. to lead in digital asset regulation at a time when global competition is intensifying.

That said, gaps remain. The bill doesn’t fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity.

For U.S.-based issuers, compliance will now come with steeper costs, likely accelerating consolidation across the market and favoring well-resourced players who can meet the new thresholds.

While this brings added trust and stability to regulated offerings, the bill’s final form and how it’s enforced will ultimately determine how transformative it is for the industry.

Vugar Usi Zade, COO at Bitget

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