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Key Notes
- Brad Garlinghouse supported the US Senate's decision to pass the GENIUS Act.
- He acknowledged that this is a significant milestone for a crypto industry clamoring for clear regulations.
- Like the US, South Korea has even unveiled a new bill for stablecoin regulation.
The US Senate has received support from several top crypto players, including Brad Garlinghouse, the CEO of blockchain payments company Ripple Labs, for passing the GENIUS Act.
The crypto leader claimed that this is the first major financial bill since the Dodd-Frank Act. For an industry that has consistently clamored for clear regulations, this marks a significant milestone worthy of celebrating.
US Senate Passes GENIUS Act Into Law
On June 17, the US Senate Banking Committee announced the passage of the GENIUS Act. This signaled the emergence of legislation that facilitates the establishment of a regulatory framework for stablecoin in the region. Garlinghouse described the passage of the GENIUS Act as “a truly historic moment.”
In an X post, he highlighted the toil of crypto companies, including their call to Congress, towards establishing a comprehensive crypto regulation.
Ripple CEO appreciated Senators Tim Scott, Bill Hagerty, Kirsten Gillibrand, and others for passing the stablecoin bill.
For YEARS, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road. This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment.
Thank… https://t.co/Urt2wc9fG6
— Brad Garlinghouse (@bgarlinghouse) June 17, 2025
The broader crypto sector has generally been optimistic following the Senate decision on the GENIUS Act. They see the possibility of a major crypto regulatory overhaul in the US.
Gemini and Coinbase Applaud Senate Decision on the GENIUS Act
Consequently, the US Senate has also received praise from Coinbase and Gemini. These crypto firms’ leaders hope this new stablecoin regulation will foster growth and innovation in the space.
One of the Gemini co-founders, Tyler Winklevoss, also thanked Senator Hagerty for spearheading talks about digital assets in the Senate. Sen. Hagerty also played a crucial role in passing the GENIUS Act. Tyler strongly believes that “The GENIUS Act will help pave the way for America to become the global leader in crypto.”
In another X post, he also praised US crypto czar David Sacks for delivering on his promises.
The Gemini co-founder praised Sacks’s commitment to the cause. Coinbase CLO Paul Grewal praised all 68 Senators who supported the bill. He stated that their decision demonstrates a commitment to advancing America’s interests in the crypto space.
Stablecoin Takes Front Row in Different Countries
There is now a worldwide tilt towards stablecoins, encouraged by their ease of use, speed, and low cost.
As it stands, several institutions are considering integrating this class of digital currencies into their payment systems. A few days ago, Coinspeaker reported that top merchandise platforms Amazon.com Inc (NASDAQ: AMZN) and Walmart Inc (NYSE: WMT) are likely to issue USD-backed stablecoins.
With this growing adoption, many governments are implementing regulations to accommodate this expansion. Min Seok, a South Korean lawmaker from the Democratic Party, unveiled a new bill to establish a stablecoin regulatory framework. The said bill includes a new licensing regime for stablecoin issuers.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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