Senate passes pro-crypto legislation, known as the GENIUS Act, in the United States
The U.S. is taking a significant step towards embracing cryptocurrency, with the Senate voting in favour of the Groundwork for Digital Asset Investment Stability (GENIUS) Act. The bill, which aims to establish regulations for stablecoins, has received broad support, indicating a pro-crypto policy shift initiated by former President Donald Trump.
The GENIUS Act, endorsed by the Trump administration, proposes that U.S. dollar stablecoins be backed 1:1 by cash or U.S. government bonds, with reserves checked monthly. The Treasury Department would gain broad powers under this act.
Initially, the bill had faced opposition, but it has since garnered significant support. The U.S. Senate recently voted 68 yeas and 30 nays in favour of the bill. The passage of the GENIUS Act could lead to a stablecoin market worth $3.7 trillion by the end of the decade.
The Trump family's crypto project, World Liberty Financial, has launched its own USD stablecoin. Moreover, according to his son, Donald Trump also owns 'a lot' of Bitcoin. The former President has expressed a desire for the Congress to pass the GENIUS Act.
Meanwhile, Vice President JD Vance has weighed in on the U.S. Bitcoin reserve, but as of September 18, 2025, there are no available search results providing information on the current status of the discussion about a law to establish a Bitcoin reserve in the US Congress.
Senator Cynthia Lummis has introduced a separate Bitcoin reserve bill that proposes the U.S. build a Bitcoin holding of 1 million coins within 5 years. According to Lummis, President Trump supports this initiative.
The strategic Bitcoin reserve, established by Trump's executive order, is set to be enshrined in law by Congress, preventing a future administration from easily dismantling it. The U.S. has, however, banned the creation of a digital central bank currency, while the European Union is pursuing the creation of a digital euro.
Tristan, the editor-in-chief at Blocktrainer.de, with a background in economics and journalism, has been actively involved with Bitcoin since 2020 and has an interest in libertarian economic theory. He notes that the U.S.'s new pro-crypto direction, as exemplified by the GENIUS Act, could have far-reaching implications for the global cryptocurrency landscape.
The company TMTG, majority-owned by the U.S. President, was able to recently collect 2.32 billion USD to buy Bitcoin. However, the President's involvement in crypto companies has faced criticism that he would personally benefit from a more relaxed regulation of the sector.
The GENIUS Act is seen as a key part of the U.S.'s new pro-crypto direction. As the dust settles on the Senate vote, the focus now shifts to the House of Representatives, where the bill must also pass before it can become law. The potential impact of the GENIUS Act on the U.S. and global cryptocurrency markets remains to be seen.
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