The GENIUS Act, a major crypto bill on stablecoins, passed a critical Senate vote, thanks to Sen. Bill Hagerty’s last-minute strategy — not Trump’s struggling crypto council.
In a surprising late-night maneuver on Monday, the GENIUS Act—a landmark crypto regulation bill focused on stablecoins—managed to pass a crucial procedural vote in the U.S. Senate. Behind the scenes, it was Senator Bill Hagerty of Tennessee, not President Trump or his so-called crypto council, who ensured this outcome.
After months of speculation and slow progress, the bill finally gained momentum. But the push didn’t come from the White House’s crypto team. Instead, it was Hagerty’s intense, last-minute effort that helped swing the vote.
What the GENIUS Act Means for the Crypto Industry
The GENIUS Act is the first major piece of crypto legislation in U.S. history. It aims to regulate stablecoins—a type of digital currency backed by real-world assets such as U.S. Treasuries. Unlike speculative cryptocurrencies or meme coins, stablecoins are designed to maintain a stable value, making them crucial for the future of digital finance.
If the bill becomes law, it would:
- Create clear rules for issuing stablecoins
- Improve transparency around the reserves backing them
- Streamline transactions using blockchain
- Limit traditional banks’ profits from float-based delays
This could unlock significant innovation while minimizing risk in the $3.5 trillion crypto market.
The Battle Behind the Scenes: Hagerty vs. Warren
Passing this bill wasn’t easy. One of the fiercest opponents was Massachusetts Senator Elizabeth Warren, a known critic of crypto. According to sources, Warren framed the bill as part of a Trump-linked crypto scheme, citing the president’s and Melania Trump’s association with meme coins.
Her warnings nearly derailed the vote, especially among Democrats. But Hagerty reminded them of the bill’s true focus: regulating stablecoins, not enriching politicians or pushing partisan agendas.
Despite the smear attempts, Hagerty’s winning argument prevailed — “Stablecoins aren’t meme coins. This isn’t about Trump. It’s just good policy.”
A Dramatic Vote and a Tense Prediction
Just before the vote, Hagerty reportedly feared the bill wouldn’t meet the 60-vote threshold required to bypass a filibuster. “It will either be 59 votes or 70,” he nervously predicted.
In the end, the GENIUS Act secured 66 votes in favor. Most Senate Republicans backed the measure, except Rand Paul and Jerry Moran, while a few Democrats crossed the aisle to support it.
It was a clear message: bipartisan support exists for sensible crypto regulation—even if the road to passage is rocky.
Trump’s Crypto Council: All Talk, No Influence?
One of the more puzzling elements of this legislative victory is the absence of support from Trump’s own crypto council.
Formed to promote digital assets and advise on regulatory frameworks, the council includes venture capitalist David Sacks and Bo Hines, a former congressional candidate. But when it came time to deliver votes, they were nowhere to be seen.
Crypto insiders described the council as having “no juice” on Capitol Hill. Despite big promises, they offered no visible lobbying, no strategic support, and no help during the most critical moments of the GENIUS Act’s push.
The White House Pushes Back
The White House is attempting damage control. According to Cody Carbone, CEO of the Digital Chamber of Commerce, the Crypto Council played a “pivotal role” in shaping the policy environment.
“Thanks to Bo and David’s leadership, we’re on the brink of real legislative action for the first time,” Carbone said.
That may be true to some extent, but on Capitol Hill, actions speak louder than press statements. The credit for the bill’s success belongs to Sen. Hagerty, who did the hard work of twisting arms and making the case.
Trump’s Conflict of Interest Problem
While the GENIUS Act may become law soon, Trump’s personal stake in the crypto market could become a major liability.
Though fully disclosed, the president and First Lady’s investments in meme coins raise ethical concerns. After all, Trump is the one appointing top financial regulators, including leaders at the SEC and CFTC, who will oversee the same industry he’s profiting from.
Statement from President Trump.
— .*Funkytown™*. (@01Funkytown) June 19, 2025
Senate passed the GENIUS Act. pic.twitter.com/M1ONrFomGP
This “appearance of conflict of interest” could become a significant hurdle when future crypto legislation comes up for debate, particularly bills that may reshape securities laws for digital assets.
Some GOP lawmakers already appear uneasy. Insiders suggest Trump’s crypto ventures were one reason a few Republicans withheld support, worried that media backlash could undermine future legislative efforts.
What Happens Next?
With Senate approval nearly secured, the GENIUS Act now heads toward the GOP-controlled House of Representatives. Given the current alignment, its passage there is considered likely.
Once passed by both chambers, the bill will land on President Trump’s desk. If he signs it into law, the U.S. will finally have a stablecoin regulatory framework, something crypto advocates have demanded for years.
But don’t expect smooth sailing from here on out.
Expect More Arm-Twisting and Political Games
Even as crypto gains legitimacy, the politics around it are growing more intense. Warren’s attack may have failed this time, but the partisan framing of crypto bills will likely continue.
If future bills target broader reforms—such as reclassifying crypto assets under new securities definitions—the opposition will intensify. And unless Trump’s crypto council starts exerting real influence, the burden will again fall on senators like Bill Hagerty to push things forward.
A Pyrrhic Victory or a Turning Point?
The GENIUS Act is a milestone in crypto legislation, marking a pivotal moment for stablecoin regulation and broader digital asset policy. But the road ahead for the GENIUS Act remains fraught with political risk and strategic missteps that could slow or derail future progress.
While the White House may claim credit through its crypto council, the lack of tangible influence during the GENIUS Act’s passage is a warning sign for what’s to come. To move the industry forward and ensure the success of the GENIUS Act and similar initiatives, real leadership—not just symbolic appointments—will be required. And for now, that leadership clearly rests with Senator Bill Hagerty, not the people supposedly appointed to lead the charge.
Stay tuned for deep dives, updates on crypto bills, and insider analysis from Capitol Hill.
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