Recently, a significant milestone unfolded in the digital asset space as four industry groups—the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund, and The Digital Chamber—issued a joint statement endorsing the Guiding and Establishing National Innovation for US Stablecoins Act of 2025, commonly known as the GENIUS Act.
This unified stance, shared via a post on X by The Digital Chamber, reflects a growing consensus among crypto industry leaders for a clear and effective regulatory framework for stablecoins, a sector that has long grappled with uncertainty.
Today, the executives of the four leading digital asset industry groups jointly issued the following statement on the GENIUS Act.
Read below @DigitalChamber @BlockchainAssn @crypto_council @Fund_def pic.twitter.com/9rvAok10ap
— The Digital Chamber (@DigitalChamber) June 2, 2025
The GENIUS Act, which passed the U.S. Senate Banking Committee on March 13, 2025, with an 18-6 vote, aims to establish a comprehensive regulatory structure for payment stablecoins—digital assets pegged to a fixed value, such as the U.S. dollar, often used as a bridge between volatile cryptocurrencies and traditional finance.
According to a report from Mayer Brown, the legislation explicitly classifies stablecoins as neither securities nor commodities, creating a distinct category that avoids overlapping with existing federal regulatory regimes.
This clarity is a critical step forward, addressing long-standing gaps that have plagued the sector since the dramatic collapse of TerraUSD in 2022.
That incident exposed vulnerabilities like run risks and unstable reserve assets, prompting heightened scrutiny from regulators and the Financial Stability Oversight Council.
Under the GENIUS Act, stablecoin issuers must register as financial institutions and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, aligning with international standards to minimize legal conflicts.
A recent report highlights that the bill also seeks to reinforce the U.S. dollar’s global dominance by promoting dollar-backed stablecoins, a strategic move to maintain financial influence as cryptocurrency adoption grows worldwide.
For issuers with less than $10 billion in outstanding stablecoins, the legislation offers a flexible state-level regulatory option, provided state frameworks mirror federal requirements.
This dual approach aims to balance innovation with oversight, fostering broader adoption of stablecoins for payments both domestically and internationally.
The joint statement was a display of collaboration, featuring industry figures such as Blockchain Association’s Chief Summer Mersinger, DeFi Education Fund’s Chief Legal Officer Amanda Tuminelli, Crypto Council for Innovation’s President and Acting CEO Ji Kim, and The Digital Chamber’s CEO Cody Carbone.
Tuminelli, a former lawyer at Kobre & Kim with a background in regulatory defense, has been a vocal advocate for policy-driven clarity.
The Blockchain Association’s earlier call in May 2025 for the Senate to debate the GENIUS Act, documented on their website, underscores the sustained advocacy leading up to this moment.
This legislative effort marks a departure from previous proposals like the Clarity for Payment Stablecoins Act, which passed the House Financial Services Committee in 2024 but faced criticism for imposing stringent, bank-like requirements on non-bank issuers.
The GENIUS Act’s more balanced framework is seen as a progressive step, addressing regulators’ concerns about consumer risks and financial stability—issues that echo historical parallels to the free banking era of the 1800s—while encouraging innovation.
The timing of this statement aligns with a broader crypto-friendly policy shift in the U.S.
In April 2025, President Trump signed a Congressional Review Act resolution repealing a DeFi-restrictive broker rule, signaling a more favorable legislative environment, as noted by the Blockchain Association.
Industry professionals view the GENIUS Act as a potential catalyst for mainstream stablecoin adoption, which could streamline digital payments and enhance financial inclusion, particularly in underserved regions, while maintaining robust oversight to mitigate risks.
The collaboration among these four groups highlights a strategic alignment to influence lawmakers as the Senate deliberates on the bill.
If passed, the GENIUS Act could set a precedent for future crypto regulations, not only in the U.S. but globally, paving the way for a more integrated and regulated digital asset ecosystem.