Bipartisan momentum propels GENIUS Act forward amid controversy over Trump’s crypto ties
U.S. Senate passes the GENIUS Act, a pivotal cryptocurrency bill, with rare bipartisan support led by Sen. Ruben Gallego, as critics question Trump’s financial involvement in the crypto market.
In a major legislative win for the cryptocurrency industry, the U.S. Senate has passed the GENIUS Act, a comprehensive bill aimed at regulating stablecoins and enhancing digital financial transactions. The vote, held on June 17, garnered a 68-30 majority, with 18 Democrats joining Senate Republicans to advance the bill — a move that highlights growing bipartisan consensus on the future of digital finance.
One of the most prominent Democratic supporters of the bill was Arizona Senator Ruben Gallego, who once again crossed party lines to back key Republican-led legislation. Gallego, who serves on the Senate Banking Committee and leads its subcommittee on digital assets, played a significant role in negotiating the final language of the bill.
“With the GENIUS Act’s passage, we are meaningfully closer to a stablecoin regulatory landscape in the U.S. that provides clear rules of the road, protects consumers, and holds bad actors accountable,” Gallego said. “I look forward to seeing this bill pass the House with equally strong bipartisan support and get signed into law.”
This marks Gallego’s second bipartisan legislative move this year, following his earlier surprise cosponsorship of the Laken Riley Act — a Trump-backed law easing deportation processes for immigrants accused of crimes, including misdemeanors like shoplifting.
Senator Mark Kelly, Gallego’s Democratic colleague from Arizona, missed the vote while attending a town hall in South Carolina on the anniversary of a tragic mass shooting. However, he voiced support for the measure in a statement: “Right now, there is a stablecoin market with billions of dollars in trades and few protections or transparency, leaving consumers vulnerable and an open door for illegal activity. Ultimately, I believe our economy and security would be better off if we can set some initial guardrails and establish systems of accountability. The GENIUS Act is a step in the right direction, and I’m glad it passed the Senate today.”
Lead sponsor Senator Bill Hagerty, R-Tennessee, celebrated the bill as a transformative moment for American finance. “With this bill, the United States is one step closer to becoming the global leader in crypto,” he said. “This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries.”
However, not all Democrats were convinced. Senator Dick Durbin, D-Illinois, criticized the process and potential for abuse. “With no amendment process, this bill will allow crypto ATM scams to continue at the expense of unsuspecting Americans,” he said. “Conveniently, it also allows the President and his family to continue owning, issuing, and profiting off of stablecoins.”
That criticism stems in part from reports linking former President Donald Trump to personal financial interests in the crypto sector. According to a New York Times investigation, the United Arab Emirates intended to use Trump-affiliated stablecoins in a $2 billion business transaction. Trump has also hosted private dinners with investors in his meme coin, prompting fresh accusations of financial impropriety from political opponents.
Despite this, Trump has remained a vocal advocate for the crypto industry, promising to make America the “crypto capital of the world.” His administration has already repealed certain regulations requiring crypto platforms to report user transactions and established a working group on digital asset markets.
The GENIUS Act seeks to impose a clearer framework on stablecoin usage by banning senior public officials from issuing such tokens while in office and establishing consumer protections. Yet critics argue that it still opens the door for political profiteering.
Gallego, defending his stance, emphasized a forward-looking economic vision. In a recent podcast, he said, “We really can’t be ashamed of being the party of upward mobility… we’re going to make sure you have the opportunity to succeed and be rich.”
The bill’s future now lies in the hands of the House of Representatives, where a parallel bill awaits debate. If passed, the GENIUS Act would represent the most significant federal endorsement of cryptocurrency to date, and could fundamentally reshape the regulatory landscape of digital finance in the United States.
