JPMorgan CEO Jamie Dimon Says Bank Clients Will Soon Be Able to Buy Bitcoin

The US Senate has taken a major step toward regulating the fast-growing stablecoin market by advancing the Guiding and Establishing National Innovation for US Stablecoins Act — also known as the GENIUS Act. The bill cleared a key procedural hurdle on May 19 with a 66-32 vote, setting it up for full debate on the Senate floor.

Originally introduced by Republican Senator Bill Hagerty on February 4, the GENIUS Act proposes comprehensive regulations for the nearly $250 billion stablecoin industry. The bill would require stablecoins to be fully backed by assets, mandate regular security audits, and ensure that only federally or state-licensed entities can issue them. It also restricts the use of algorithmic stablecoins.

The bill’s progress had previously been blocked on May 8 by several Democratic senators who cited concerns over former President Donald Trump’s growing involvement in cryptocurrency. Trump and his family have recently launched several crypto ventures, including a new memecoin, a crypto exchange, a mining firm with IPO plans, and a fast-growing stablecoin named USD1.

Michael Saylor comments on Dimon’s announcement. Source: Michael Saylor

Despite continued concerns, several Democrats — including Senators Mark Warner, Adam Schiff, and Ruben Gallego — changed their stance to help the bill move forward. Warner acknowledged the risks posed by Trump’s ventures but emphasized the need for the U.S. to lead in blockchain innovation.

“We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,” Warner said. “If American lawmakers don’t shape it, others will — and not in ways that serve our interests or democratic values.”

Senator Elizabeth Warren, a leading crypto critic, remained a strong opponent of the bill. She argued that it fails to address what she called Trump’s “blatant crypto corruption,” warning that Trump could profit massively from his stablecoin if the bill passes.

The bill’s supporters, including Republican Senator Cynthia Lummis, aim to have it passed by May 26 — Memorial Day in the United States — setting up a tight legislative timeline.

The GENIUS Act builds on a prior discussion draft of the Clarity for Payment Stablecoins Act, previously introduced by former Representative Patrick McHenry, and marks a pivotal moment in the U.S. government’s approach to regulating digital currencies.