Senate Passes Historic Crypto Bill: Sacks Hails Dollar Dominance, Bessent Sees $3.7T Boom

With Senate approval of the $GENIUS Act, praised by White House Crypto Czar David Sacks and Treasury Secretary Scott Bessent, stablecoins could unlock trillion-dollar markets and position the U.S. for dominant leadership in digital finance.

Senate Clears First Major Crypto Bill: ‘A Truly Historic Moment’

The U.S. Senate has approved the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins ($GENIUS) Act, marking a significant milestone for the crypto industry. Chairman of the Senate Banking Committee Tim Scott (R-SC) announced the passage on June 17, highlighting the bill’s comprehensive framework for payment stablecoins.

Co-sponsored by Senators Bill Hagerty (R-TN), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD), the $GENIUS Act represents the first major financial legislation since the Dodd-Frank Act. Scott emphasized: “With the $GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people.”

David Sacks, the White House AI and Crypto Czar, praised the $GENIUS Act on social media platform X, stating:

The U.S. Senate has passed the $GENIUS Act — landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online.

Treasury Secretary Scott Bessent said stablecoins could significantly increase demand for U.S. Treasuries, lowering government borrowing costs and helping address the national debt. “Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the $GENIUS Act,” Bessent said. “A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy.” He added: “It’s a win-win-win for everyone involved: The private sector, the Treasury, consumers.”

Many in the crypto industry praised the Senate for passing the bill. Brad Garlinghouse, CEO of Ripple, reflected on the historic significance of the Senate’s decision. He stated on social media platform X: “For years, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road.” The executive added:

This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment.

The $GENIUS Act now advances to the House of Representatives. President Donald Trump has signaled his eagerness to sign it into law before the August recess, potentially reshaping the U.S. crypto landscape.