Earlier this week, the Generating American Innovation and Security in Stablecoins (GENIUS) Act successfully passed the Senate vote with bipartisan backing, marking the first significant piece of cryptocurrency legislation to be approved by the United States Senate. However, the journey of this bill is far from complete, as it must still navigate several critical stages before becoming an official law.

Following its passage in the Senate, where it garnered support from 68 senators against 30, the GENIUS Act now heads to the House of Representatives. The House has two primary pathways to consider the bill: either passing it before the scheduled August recess or allowing it to proceed afterward. Political pressures and potential executive guidance could influence the timing of these actions.

The House of Representatives and the Senate represent two distinct entities within the U.S. Congress, each operating under unique membership structures, procedural guidelines, and political environments. This separation ensures that both chambers have opportunities to independently evaluate and amend proposed legislation.

Given the strong bipartisan support demonstrated in the Senate vote, prospects for the bill's progression in the House appear cautiously positive. Nevertheless, there are complexities involved in this process. Should the House choose to alter the bill's language, a conference committee comprising members from both chambers would be formed to reconcile differences. Key areas of negotiation might include regulatory frameworks, reporting schedules, and issuance criteria.

Once a unified version of the bill is agreed upon, both the House and Senate must individually approve the final reconciled text. Upon receiving approval from both chambers, the bill will be sent to the President for his consideration. The President possesses a ten-day window, excluding Sundays, to either sign the bill into law or allow it to become effective without his signature.

Upon enactment, various federal agencies, including the Federal Reserve, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Commodity Futures Trading Commission (CFTC), will have 180 days to establish comprehensive regulations covering oversight mechanisms, reserve stipulations, auditing procedures, licensing requirements, disclosure obligations, and enforcement measures.

If the House does not take action prior to the August recess, the momentum surrounding the GENIUS Act could wane. While this delay would not necessarily terminate the bill entirely, it might postpone its final implementation until late 2025 or even 2026, contingent on shifting political circumstances. Therefore, expediency remains crucial for lawmakers aiming to secure continued bipartisan backing and leverage existing institutional preparedness.

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