The US Senate passed the GENIUS Act, and the Treasury Secretary expects a 1,000% increase by 2030

On June 17, the U.S. Senate passed the bipartisan GENIUS Act by a vote of 68 to 30. The bill aims to establish a federal regulatory framework for dollar-denominated payment stablecoins, including regular disclosure of reserve assets, anti-money laundering mechanisms and consumer protection. The bill will next be transferred to the House of Representatives for deliberation, aiming to ensure that it is signed by the president before the August congressional recess.

Senator Cynthia Lummis from Wyoming said on the social platform X: "The Senate passed the bipartisan GENIUS Act, taking an important step to ensure the dominance of the U.S. dollar. I look forward to working with my colleagues to develop comprehensive market structure legislation to protect consumers and ensure that the United States becomes the center of the world's cryptocurrency."

Supporters of the bill, including Senate Banking Committee Chairman Tim Scott and co-sponsor Bill Hagerty, emphasized that GENIUS is an important step for the U.S. financial system to enter the 21st century. Scott called it a "milestone in reshaping the payment system and promoting safe payment options," while Hagerty said that "stablecoin issuers will become the world's largest holder of U.S. Treasury bonds in 2030."

At the same time, the U.S. Treasury Secretary also released an optimistic forecast: the supply of stablecoins in the United States is expected to grow by 1,000% by 2030, from the current scale of about $240 billion to trillions of dollars. This estimate echoes Citigroup's previous forecast that the supply of stablecoins will exceed $1.6 trillion in the next five years.

It is generally believed in the industry that if the GENIUS bill is finally passed, it means that the United States will enter a new era of federal regulation, industry compliance, and retail popularization of stablecoins. Compared with the past, the lack of supervision has hindered industry development and sovereign control. Now the legal triggers will be equipped with execution mechanisms, which is expected to improve payment efficiency, enhance financial innovation momentum, and strengthen the status of the U.S. dollar as a global payment tool.

However, there are also disputes in the legislative process. Some Democratic senators, such as Elizabeth Warren, criticized the bill for not covering the benefits of the presidential family from stablecoins, and warned of possible conflicts of interest. In addition, there are concerns that the implementation of the bill depends on regulatory coordination. If the regulatory standards of each state are different, there will be differences in law enforcement and even weakening of cross-state uniformity.

As the House of Representatives' subsequent review and the President's signing process progress, the GENIUS Act is regarded as the world's first bipartisan federal regulatory framework for payment stablecoins. It is also expected to provide legal protection for the United States to regain its leadership in the global digital payment landscape and attract more blockchain capital.