Faced with the advance of the Chinese digital yuan and the implementation of the Markets in Crypto Assets (MiCA) Regulation in the European Union, the United States is structuring its response within global technological competition.
In this context, the GENIUS Act (National Innovation Guidance and Establishment for US Stablecoins) aims to provide a clear regulatory framework for tokens that maintain the same price as the dollar (USD), such as Tether's USDT and Circle's USDC. This effort aligns directly with President Donald Trump's promise to position the United States as the global epicenter of digital assets.
With a stablecoin market capitalization exceeding $230 billion, including USDT and USDC alone, the GENIUS Act could also strengthen the dollar in the face of global de-dollarization trends, as CriptoNoticias has reported. However, the legislative process faces crucial challenges that could delay its final approval and entry into force.
These are the remaining steps and the risks that could delay its entry into force:
1.-Debate and amendments in the Senate: The battle over the details
Following the approval this week of both the return of the Genius Act bill to the Senate and its subsequent cloture motion, the legislative proposal advanced to formal debate, where amendments are expected in the coming days, possibly addressing conflict of interest concerns, such as the USD1 stablecoin linked to the Trump family.
During this period, senators are expected to introduce more than 50 amendments, addressing issues such as conflicts of interest, anti-money laundering measures, and consumer protections. Notable among these is Senator Ted Cruz's amendment, which prohibits any official from restricting or impairing lawful transactions made by individuals for their own purposes using personal cryptocurrency wallets.
This proposal, along with other amendments from figures such as Senators Elizabeth Warren and Jeff Merkley regarding the USD1 stablecoin linked to the Trump family, could intensify negotiations, especially in a context of strong bipartisan support.
The debate, crucial to defining the final text of the bill, will determine whether the Senate manages to approve the bill in the final vote on the stablecoin regulation bill, scheduled before the Memorial Day recess on Monday, May 26, 2025, or if political tensions delay the process.
2.-The House of Representatives: A path not without obstacles
If approved by the full Senate, the bill will move to the Republican-controlled House. There, the Financial Services Committee will review the text, hold hearings, and possibly introduce amendments.
The House already expressed interest in regulating the sector with the passage of FIT21 in 2024, which included provisions on stablecoins. However, technical or ideological differences could force negotiations.
If the House approves a version different from the initially introduced text, a conference committee will be needed to harmonize the two texts. This step, while likely to be swift due to bipartisan pressure, could take weeks, so by then it would be July.
3.-The presidential signature: Trump, the decisive factor
With both chambers aligned, the bill would reach the desk of President Donald Trump, who has openly expressed his approval of stablecoin regulation. Given this, a signing ceremony could possibly take place before the August 2025 recess.
In fact, Treasury Secretary Scott Bessent reaffirmed on Friday that the Trump administration is investing heavily in initiatives that support digital assets. "Passing the stablecoin bill is just the beginning," he said via X, as seen below.
It is estimated that a presidential veto of the GENIUS Act by Donald Trump would only be possible if the final text incorporates severe restrictions on USD1, the stablecoin linked to his family, which could be perceived as a direct attack on his interests.
In such a case, Congress would need a two-thirds supermajority in both chambers—at least 67 votes in the Senate and 290 in the House of Representatives—to override the veto, a threshold difficult to reach given the current political landscape.
Although the law enjoys solid bipartisan support, evidenced by the 69 votes in favor of the cloture motion on May 21, 2025, the polarization surrounding USD1 could complicate obtaining this additional support, reducing the likelihood of overcoming a presidential veto.
After all, the most optimistic path points to Senate passage by the end of May, express passage through the House in June-July, and a presidential signature in August. However, disputes over conflicts of interest and the political weight involved in USD1 are unpredictable variables. What is clear is that, after years of stagnation, the US is closer than ever to having a stablecoin law.
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