Senate Stablecoin Bill Would Give Crypto Some Credentials
JP Morgan To Add Bitcoin Buying Options
May 20, 2025—The Senate is debating a bill to regulate the stablecoins—a token used to purchase cryptocurrencies. Passage of the bill would mark a significant legislative victory for the cryptocurrency industry. Crypto is now quickly emerging from its reputation as a volatile and speculative venture into one that carries legitimacy.
The GENIUS Act
S. 1582, the GENIUS Act, would establish a comprehensive federal regulatory framework for the industry. It would provide some consumer protection and regulatory clarity. Specifically, it would:
Require stablecoin issuers to maintain reserves in U.S. dollars, demand deposits, or short-term Treasury securities.
Provide a federal regulatory framework in place that includes the Federal Reserve a...