US Senate Passes Stablecoin Bill In Milestone For Crypto Industry

In a significant win for innovation and American leadership in digital finance, the U.S. Senate passed a long-awaited cryptocurrency bill Tuesday that lays out the first federal regulatory framework for stablecoins — digital assets pegged to the U.S. dollar.

The GENIUS Act, which received bipartisan support in a 68-30 vote, marks a turning point in how Washington handles the booming crypto sector. The bill must now pass the Republican-controlled House of Representatives before heading to President Donald J. Trump’s desk for signature — a move expected to accelerate the U.S. role in setting global digital asset standards.

“It is a major milestone,” said Andrew Olmem, a former Trump White House official and partner at Mayer Brown. “It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry.”

For a Nation That Believes, Builds, and Never Backs Down

Become a member to support our mission and access exclusive content.

View Plans

Stablecoins, which are cryptocurrencies tied to stable assets like U.S. dollars or Treasury bills, are commonly used by traders to move funds instantly between tokens. Backers say stablecoins could revolutionize real-time payments and boost economic freedom — but only if backed by sound regulation.

Under the GENIUS Act, stablecoin issuers would be required to:

  • Maintain reserves in liquid assets (e.g., U.S. dollars or short-term Treasuries),
  • Publicly disclose reserve holdings monthly, and
  • Operate under clear, enforceable standards.

The Trump administration has prioritized regulatory clarity and innovation, reversing Biden-era uncertainty that drove companies offshore. According to Bo Hines, head of Trump’s Council of Advisers on Digital Assets, the White House wants the bill finalized before August.

The bill's momentum follows a record-setting $119 million investment by the crypto industry in 2024, much of it backing pro-crypto congressional candidates aligned with free-market principles.

Predictably, far-left Democrats opposed the bill’s pro-growth stance. Senator Elizabeth Warren, who has consistently pushed for broad financial surveillance and centralized digital control, lashed out at the measure in May.

“A bill that turbocharges the stablecoin market, while facilitating the president’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all,” she ranted from the Senate floor.

Warren and her allies also demanded tighter restrictions on foreign-based stablecoins and blanket anti-tech provisions that would stifle U.S. innovation — proposals that were ultimately rejected.

Trump Diplomacy on Display: Billionaire Ambassadors Confirmed

In another major development, the Senate confirmed three of President Trump’s key ambassadorial nominees, signaling a shift in America’s global diplomacy under Trump’s renewed leadership.

  • Warren Stephens, a respected billionaire businessman, was confirmed as ambassador to the United Kingdom and Northern Ireland in a 59–39 vote.
  • Tom Barrack, longtime Trump confidant and private equity executive, was confirmed 60–36 as ambassador to Turkey.
  • Tilman Fertitta, billionaire CEO of Landry’s and owner of the Houston Rockets, was overwhelmingly approved 83–14 as ambassador to Italy.

“All three are loyal supporters of the America First agenda,” one Senate aide said. “They bring business expertise, global experience, and the ability to execute Trump’s foreign policy priorities without apology.”

President Trump praised Barrack on Truth Social, calling him a “well-respected and experienced voice of reason to a wide range of thought leaders in both political and business circles.”

For a Nation That Believes, Builds, and Never Backs Down

Become a member to support our mission and access exclusive content.

View Plans

These appointments reflect Trump’s continued commitment to appointing competent, America-loving patriots, not career bureaucrats, to key international posts.

With the GENIUS Act advancing, the Trump Doctrine reaffirmed, and Democrats flailing, it’s clear: America is reclaiming its place at the front of the digital, economic, and diplomatic world stage.

Subscribe to Lib Fails

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.
jamie@example.com
Subscribe