Fact Check: Congress just passed its first major cyber currency regulation.

Fact Check: Congress Just Passed Its First Major Cyber Currency Regulation

What We Know

On June 17, 2025, the U.S. Senate passed the GENIUS Act, marking a significant milestone in the regulation of cryptocurrencies, particularly stablecoins. The bill received bipartisan support, with a vote tally of 68-30, indicating a rare moment of agreement among lawmakers on a contentious issue (NBC News, Reuters). The GENIUS Act establishes a regulatory framework for stablecoins, which are digital tokens pegged to traditional currencies like the U.S. dollar, and aims to enhance consumer protections and limit the influence of large tech companies in the cryptocurrency space (NBC News, New York Times).

This legislation is particularly notable as it represents the first major regulatory framework for digital assets passed by the Senate, a step that proponents argue positions the U.S. as a leader in the global cryptocurrency market (NBC News, USA Today). The bill now moves to the House of Representatives, where a similar bipartisan effort is underway to create comprehensive regulations for digital assets (NBC News, Hindu).

Analysis

The passage of the GENIUS Act is a landmark event in the context of cryptocurrency regulation in the United States. The bill's bipartisan support suggests a growing recognition among lawmakers of the need for regulatory oversight in the rapidly evolving digital currency landscape. According to Senator Bill Hagerty, the bill is a crucial step toward solidifying U.S. dollar dominance and protecting consumers (NBC News, USA Today).

However, the legislation has faced criticism, particularly from some Democrats who argue that it does not go far enough in addressing potential conflicts of interest, especially concerning former President Donald Trump's investments in cryptocurrency (NBC News, Hindu). Critics like Senator Elizabeth Warren have expressed concerns that the bill could facilitate illicit activities, despite its consumer protection measures (NBC News, New York Times).

The sources used in this analysis are credible and come from established news organizations with a track record of covering political and financial issues. Reuters, NBC News, and the New York Times are known for their rigorous reporting standards, which adds reliability to the information presented.

Conclusion

The claim that "Congress just passed its first major cyber currency regulation" is True. The passage of the GENIUS Act by the Senate represents a significant legislative step in regulating cryptocurrencies, particularly stablecoins. This bill establishes a framework that aims to protect consumers and regulate the digital currency market, marking a pivotal moment in U.S. financial regulation.

Fact Check: Congress just passed its first major cyber currency regulation.