In a vote that senators and crypto fans alike are calling “historic,” the U.S. Senate took a big step Monday night by voting 66-32 to advance the GENIUS Act. This bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, aims to catapult America’s payment system straight into the 21st century and cement the U.S. dollar’s top spot in the digital age.

Republican Sen. Bill Hagerty, the lead sponsor, bragged that the bill will “skyrocket” the country forward with a digital payment framework running on the “fastest rails possible.”

He added, “It will ensure U.S. dollar dominance. Customers will be protected, the demand for U.S. treasuries will balloon to the tune of more than $1 trillion, and innovation in the digital asset space will thrive in the United States going forward.”

Backing the Bill Means Backing Real Dollars

The GENIUS Act isn’t messing around. It mandates that stablecoins must be fully backed by U.S. dollars or other highly liquid assets, no funny business allowed. Issuers with market caps over $50 billion will face annual audits, and there are fresh rules for foreign stablecoin issuers trying to play in the U.S. market.

This bipartisan win wasn’t easy. The bill needed 60 votes to move forward, and 16 Democrats came around to support it after initially staying on the sidelines last week. Sen. Hagerty’s bill now heads for debate on possible amendments before a final vote.

Sen. Cynthia Lummis, co-sponsor of the bill, chimed in:

“Digital assets are the future, and now we're one step closer to ensuring America leads the way.”

Crypto Community Cheers While Critics Raise Eyebrows

Crypto heavyweights are celebrating the vote as a major milestone. Ji Kim, president and acting CEO of the Crypto Council for Innovation, called it “truly historic” and praised the months of bipartisan negotiations that improved the bill. Faryar Shirzad from Coinbase called it a “historic early win on the road to getting a stablecoin bill enacted into law,” while Jake Chervinsky, Variant Fund’s Chief Legal Officer, warned there’s still work ahead but that this was “the hardest part.”

Crypto advocates were busy too, before the vote, over 60,000 emails flooded senators from supporters urging them to back the bill, according to the group Stand With Crypto.

However, not everyone’s throwing confetti. Democratic Sen. Elizabeth Warren slammed the bill, arguing it “falls short” in addressing President Donald Trump’s crypto industry ties. She called out USD1, a new stablecoin by World Liberty Financial, saying, “There is no excuse for Congress to pass a crypto bill that will turbocharge Trump's corruption.”

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