Stablecoin regulation on the way as US Senate prepares to pass GENIUS Act
Last updated: 10:15 17 Jun 2025 BST, First published: 10:02 17 Jun 2025 BST
The US Senate is expected to pass the GENIUS Act on Tuesday, setting the stage for the first major federal regulation of stablecoins, a type of cryptocurrency tied to the dollar.
The bill marks a significant bipartisan push to establish guardrails and consumer protections in a rapidly growing sector.
Backed by 18 Democrats alongside a Republican majority, the legislation follows heavy political spending by the crypto industry in the 2024 election cycle.
It includes a ban on lawmakers and their families profiting from stablecoins, though not the president, prompting concern from some Democrats about Donald Trump’s personal financial stake in the sector.
Bill will pass
Trump has hosted investors in Trump-branded digital assets, and his family holds shares in a company offering a rival stablecoin.
While the bill is likely to pass the Senate, it faces further hurdles in the House, where lawmakers may seek broader crypto reforms.
Separately (but very much adjacent), JPMorgan Chase has filed a US trademark application for “JPMD,” pointing to a possible expansion of its blockchain and cryptocurrency services.
JP Morgan gets in on the act
The filing covers a broad range of digital finance activities, such as trading, transferring, clearing, and payment processing of crypto assets.
While the term “stablecoin” was not explicitly mentioned, the move has fuelled speculation that the bank may be preparing to launch one.
A recent Wall Street Journal report noted that JPMorgan, along with other major banks, is exploring a joint stablecoin project.
The timing of the filing suggests a potential link to these broader industry discussions.
