A key development in the cryptocurrency space is unfolding as the U.S. Senate prepares to vote on the GENIUS Act. The bill, which aims to regulate stablecoin issuance and reserve backing, has cleared a significant hurdle after bipartisan negotiations concluded behind closed doors.
According to Coinbase CEO Brian Armstrong, the industry is edging closer to a formal regulatory structure. In a recent post on X, he acknowledged lawmakers for advancing the GENIUS Act to the Senate floor.
June 11 has been set for the vote, an essential step for the ongoing campaign to oversee the crypto industry, now worth more than $250 billion.
Also Read: Bitcoin Blasts Past $110K as Bulls Taunt Peter Schiff in Fiery Showdown
The GENIUS Act establishes rules for issuing and backing U.S.-pegged stablecoins in the United States. With more than $245 billion of dollar-denominated tokens in the market, legal guidelines could have a significant effect on digital assets.
Lately, Democrats have seen better support since Republicans supported the changes they proposed.
Thank you @LeaderJohnThune for moving the GENIUS Act to the senate floor! Getting closer. https://t.co/y1EsE1Pcjv
— Brian Armstrong (@brian_armstrong) June 10, 2025
Rising Investor Interest and Strategic Moves Ahead of Regulation
The crypto market is already reacting to the prospect of apparent U.S. oversight. Circle’s stock surged by 347 percent following its June 5 public listing, reflecting increased investor confidence.
Analysts see the company’s performance as a reflection of optimism tied to the pending regulatory environment.
Tether, which tops the list of stablecoin issuers, is adapting its plans. To take advantage of MiCA’s stricter EU regulations, Tether has set up StablR operations in Malta. It is now partnering with Oobit to keep growing its user base in Europe.
According to Paolo Ardoino, the company’s holdings in Bitcoin and gold could explain Tether’s valuation of $515 billion. If the current figures are accurate, the company will be one of the most valuable in the world.
It points out that issuers want to be ahead of legislation by competing for better market positions.
Now that the Senate is set to vote and there is cross-party support, the GENIUS Act could become the country’s first solid regulation for stablecoins.
Also Read: Prominent Investor Takes Major Swipe at XRP, Compares it to COVID-19 – Here’s Why
