Fact Check: "The U.S. Senate is expected to approve the GENIUS Act on June 12, 2025, which would regulate stablecoins and establish consumer protections."
What We Know
The GENIUS Act, formally known as the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," is a piece of legislation aimed at regulating payment stablecoins and establishing consumer protections. The bill was introduced in the Senate on February 4, 2025 (as noted in the official text of the bill) and was advanced by the Senate Banking Committee on April 16, 2025, with a vote of 18-6 in favor (source-1).
The act aims to create a federal framework for the regulation of stablecoins, which includes requirements for reserve backing, transparency, and marketing standards (source-1). However, as of now, the bill has not yet been approved by the Senate or the House, nor has it been signed into law.
Analysis
The claim that the U.S. Senate is expected to approve the GENIUS Act on June 12, 2025, is misleading. While the bill has received bipartisan support and has progressed through the Senate Banking Committee, it has not yet reached the Senate floor for a vote, nor is there any official indication that it will be voted on by that specific date. The legislative process typically involves multiple steps, including debates, potential amendments, and votes in both chambers of Congress before a bill can become law (source-2).
Moreover, the statement implies certainty about a specific date for approval, which is not supported by the current legislative timeline. The bill's progress can be influenced by various factors, including political considerations and other legislative priorities (source-4).
The sources used in this analysis are credible, as they include official government documents and statements from the Senate Banking Committee. However, the lack of a definitive timeline for the bill's approval makes the claim speculative at best.
Conclusion
Verdict: False
The claim that the U.S. Senate is expected to approve the GENIUS Act on June 12, 2025, is false. The bill has not yet been voted on by the Senate, and there is no official confirmation that it will be approved by that date. The legislative process is ongoing, and the timeline for approval remains uncertain.
