Crypto Leaders Applaud GENIUS Act as Senate Advances Digital Domination

On June 18, the U.S. Senate approved the GENIUS Act after extensive debate. This bill represents the first major bipartisan legislation addressing digital assets in this Congress. The passage has drawn swift responses from Crypto executives, legislators, and major financial industry experts. Senator Bill Hagerty led the development of the measure to regulate payment stablecoins nationwide. In explaining the legislation’s goals, Hagerty emphasized U.S. leadership in digital finance. “With GENIUS, the United States is one step closer to becoming the crypto capital of the world.”

Regulatory Framework Established for Stablecoins

The bill includes key provisions to support crypto adoption in U.S. It outlines procedures for issuing payment stablecoins under clear state and federal roles. The act also emphasizes strong consumer protection standards throughout the entire stablecoin lifecycle. Under the act, stablecoins will require full backing by cash equivalents or short-term Treasury securities. Hagerty explained that this framework modernizes the payment system and aligns it with digital needs. By defining these rules, the legislation reduces financial risks and promotes responsible innovation.

Industry Leaders Welcome New Legal Milestone

Many crypto executives praised the new legal framework as a major milestone for digital finance. Gemini Co-founder Cameron Winklevoss thanked Senator Hagerty for guiding the legislation through the Senate. He said, “America is poised to become the crypto capital of the world.” Sandra Lou, Gate’s COO, highlighted expectations for stronger transparency and compliance standards. She added, “It signals a future where transparency is expected, compliance is foundational, and trust is earned at scale.” Circle CEO Jeremy Allaire described the Senate’s approval of the GENIUS Act as a big step. He said its enactment will strengthen U.S. economic standing and national competitiveness for decades. Allaire’s perspective echoes industry optimism that definitive rules will reduce uncertainty and bolster confidence in digital asset growth.

Growing Confidence in Stablecoins’ Mainstream Potential

Other industry leaders expressed enthusiasm about stablecoins driving mainstream usage. Sean Li, Magic Labs’ co-founder and CEO, called the moment truly “historic” for digital money. He said, “Stablecoins don’t just simplify onboarding — their adoption marks the true beginning of crypto going mainstream.” TRON founder Justin Sun offered a brief remark in support of the legislation, stating simply, “Progress.” 

Hagerty noted that under the new regulatory framework, stablecoin issuers could become leading U.S. Treasury holders by 2030. He noted this change could reinforce the dollar’s global leadership and improve national fiscal strength. Bo Hines commented on potential benefits in a separate statement. He said, “Upgrading payment infrastructure, reinforcing dollar dominance, and providing regulatory clarity.” His remarks underline the act’s role in modernizing payment systems. Supporters argue these changes will enhance financial stability and promote sustainable innovation.

A Policy Shift Toward Integrated Digital Finance

Several senators supported the measure, including John Thune, Tim Scott, Cynthia Lummis, Kirsten Gillibrand, and Angela Alsobrooks. While views differ on its long-term impact, approval marks a policy shift toward digital finance. With legal backing, stablecoins may integrate more closely into traditional banking systems. This integration could further accelerate crypto adoption in U.S. among consumers and businesses. Industry officials expect clearer rules to reduce costs and drive efficient cross-border payments. Observers believe these changes could enhance U.S. leadership in global digital asset markets.