米上院は、ドルペッグ型ステーブルコインのための連邦枠組みを確立するGENIUS法を承認した。この法案は流動性資産による完全な裏付けを要求し、米ドルの覇権を強化することを目指す。リスクと政治的つながりに関する議論の中で、超党派の支持を得て可決された。
2025年6月、米上院は68対30の賛成多数でGENIUS法を可決し、決済ステーブルコインの規制枠組みを創設した。この法律は、これらのステーブルコインが米ドルや短期国債などの流動性資産で完全に裏付けられることを義務付け、準備金の月次公開を要求する。先のLummis-Gillibrand Payment Stablecoin Actを基盤とし、連邦銀行規制当局と州当局の間で監督を分担する。
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U.S. President Donald Trump criticized banks in a Truth Social post for undermining the GENIUS Act and holding the Clarity Act hostage over stablecoin yield issues. He called for swift congressional action to advance crypto market structure legislation. The dispute has stalled negotiations between banking and crypto sectors.
In July 2025, President Trump signed the GENIUS Act into law, establishing federal oversight for stablecoins in the United States. This legislation targets a specific segment of the cryptocurrency ecosystem amid growing concerns over financial risks. The act aims to integrate stablecoins into existing banking frameworks while addressing vulnerabilities exposed by past crypto failures.
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Building on December's charter approvals for firms like Circle and Ripple, the U.S. Office of the Comptroller of the Currency (OCC) has proposed detailed rules to implement the GENIUS Act for stablecoin issuers, addressing reserves, custody, redemption, and rewards programs on platforms like Coinbase. The 376-page proposal emerged on the eve of a Senate Banking Committee hearing where regulators testified on crypto oversight, amid industry concerns over operational impacts.
A Reddit trader known as Serenity has criticized the proposed Digital Asset Market Structure and Investor Protection Act, or CLARITY Act, as a measure that would benefit large banks at the expense of crypto-native firms and stablecoin issuers. The critique disputes claims by Patrick Witt that the bill could unlock trillions in institutional capital and drive Bitcoin to $250,000. Serenity argues the legislation would impose stricter rules that hinder innovation in decentralized finance.
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The Senate Banking Committee released updated text for the CLARITY Act on May 12 ahead of a scheduled May 14 markup. The draft sets rules for digital assets, stablecoins, and decentralized finance while leaving ethics provisions unresolved.