The Journey of the GENIUS Act: A Timeline
This timeline-driven feature traces the GENIUS Act -Guiding and Establishing National Innovation for U.S. Stablecoins Act - from its early conceptualization in February 2025 through its swift bipartisan progress in both chambers of Congress, culminating in Senate approval in just over four months.
With final passage expected before the August 2025 recess, the focus will soon shift to implementation—anticipated throughout 2026 and 2027 via rulemaking from key federal agencies including the Federal Reserve, OCC, SEC, and FinCEN.
The GENIUS Act represents the culmination of years of debate, shaped by numerous legislative efforts aimed at stablecoin oversight.
As the U.S. accelerates its response to digital asset regulation, it stands at a pivotal moment—poised to catch up with the EU’s more mature MiCA framework.
A (not so) brief history of US stablecoin legislation
The House of Representatives and the Senate have been pro-active in formulating draft laws - or bills - to create a dedicated and comprehensive US regulatory framework for payment stablecoins.
Since 2017, both the Republican and Democratic parties have proposed a plethora of legislation relating directly or indirectly to stablecoins, and payment stablecoins in particular.
The first wave of legislative proposals for a regulatory framework for stablecoins date back to 2019, in reaction to the emergence of Facebook’s Diem (ex - Libra) project. However, legislative momentum really began to pick up in 2022 with a second wave of legislation that aimed to define payment stablecoins, the legal pathways to issuing payment stablecoins as well as regulatory oversight, reserve requirements, etc.
First wave of U.S. Stablecoin Regulations
Second Wave of U.S. Stablecoin Regulations
A Step-by-Step Timeline of the GENIUS Act
Stage 1: Conception and Drafting
Stage 2: Introduction and Committee Review
Stage 3: Floor Debate and Vote
Floor Debate
Senate Consideration and Bipartisan Compromise
Final Vote (Senate)
Next Steps : from House Review to Implementation
From House Review to Official Publication
Entry into Force & Implementation
Key Timing Observations: EU vs. USA
Given the breakneck speed at which the GENIUS Act has passed the Senate, despite political frictions, it is interesting to compare the regulatory trajectories of the EU’s pioneering MiCA Regulation and the U.S. GENIUS Act:
- Where do the MiCA and GENIUS Act timelines converge—if at all?
- What can expect moving forward - which imperatives are likely to shape these distinctive trajectories?
Here are some quick takeaways.
The EU has already operationalized a leading licensing framework, placing it ahead in terms of legal certainty and supervisory action - the Market in Crypto Assets Regulation - a comprehensive digital asset framework, covering stablecoins, utility tokens, and crypto-asset service providers (CASPs).
MiCA was introduced in September 2020 and came into full legal effect in June 2023, with stablecoin provisions applicable from June 30, 2024, and broader rules from December 30, 2024.
MiCA took nearly 3 years from the introduction of the proposal to full applicability but this reflects:
- the EU’s methodical regulatory sequencing, shaped by pan-European consensus-building across EU institutions and 27 EU Member States.
- The scope of MiCA which covers all crypto-assets and crypto-asset service providers
If passed by August 2025, the GENIUS Act could be passed in only 6 to 7 months, which is by no means a small accomplishment —driven by political urgency, industry support, and a Republican led framing of the bill as a way of protecting the US dollar’s dominance (dollar-centric geopolitical strategy).
Moving forward, stakeholders looking at US developments should monitor:
- The House reconciliation process for the GENIUS Act and its coordination with the STABLE Act. The House review could escalate the debate over scope, ethics, and Big Tech carveouts—potentially merging with broader frameworks like the CLARITY Act.
- Political frictions could very well intensify as Trump’s personal crypto interests remain unchecked, attracting further pro-consumer amendments or opposition.
- The actual activation timeline of U.S. regulatory implementation : the GENIUS Act will rely heavily on subsequent rulemaking by federal agencies, with effective implementation deferred up to 18 months after enactment (i.e., late 2026 or early 2027).
- Closely linked to the previous point, the 2026 midterms may see renewed debate, shaped by campaign financing from crypto PACs and additional scrutiny over amendments (like anti-bailout measures or privacy protections).
As this series continues, we’ll unpack how these two landmark regulatory frameworks align or diverge on crucial issues such as licensing, reserve requirements, consumer protections, and oversight mechanisms.
🧭 Stay tuned for our next edition, where we will delve deeper into the MiCA-GENIUS comparison and what it means for global crypto regulation and innovation!
