EddieJayonCrypto
18 Jun 25
Ripple CEO Brad Garlinghouse praised the passage of the GENIUS Act, calling it a historic financial bill and the first major legislation since Dodd-Frank. The bill, passed by the Senate 68-30, establishes a federal regulatory framework for stablecoins, allowing only authorized entities like banks to...
Ripple CEO Brad Garlinghouse has hailed the passage of the GENIUS Act as a historic milestone in cryptocurrency regulation, marking the first significant financial legislation since the Dodd-Frank Act. The Senate approved the bill with a decisive 68-30 vote, garnering bipartisan support including 18 crypto-friendly Democrats.
The GENIUS Act creates a clear federal framework for stablecoins, stipulating that only authorized entities such as banks can issue dollar-backed stablecoins. In addition, the legislation requires stablecoin issuers to provide monthly disclosures detailing their reserve compositions and mandates annual external audits for major issuers.
The primary goals of the GENIUS Act are to enhance consumer protection, bolster national security, and foster innovation within the crypto sector. By setting these regulations, supporters believe the bill will help maintain the dominance of the U.S. dollar in the growing digital currency market.
Garlinghouse praised the act as a major step forward after years of industry calls for regulatory clarity, highlighting that it offers a much-needed clear roadmap for the future of cryptocurrency and stablecoin issuance in the United States.