Ripple CEO Hails GENIUS Act as Landmark Crypto Legislation

Ripple CEO Brad Garlinghouse has applauded the recent passage of the GENIUS Act, describing it as a “truly historic moment.” He emphasized that the legislation represents the most significant financial reform since the Dodd-Frank Act. According to Garlinghouse, the cryptocurrency industry has long pushed for clear, structured regulations, and this bill marks a turning point in that effort.

On Tuesday, the U.S. Senate approved the GENIUS Act with a vote of 68-30. Eighteen Democrat senators, many of whom initially hesitated, joined their Republican colleagues to back the measure. The bipartisan support underlines the increasing recognition of crypto regulation as a national priority.

For YEARS, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road. This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment.

Thank… https://t.co/Urt2wc9fG6
— Brad Garlinghouse (@bgarlinghouse) June 17, 2025

Stablecoin Issuers to Face Stricter Oversight

The GENIUS Act introduces a comprehensive federal framework for the regulation of stablecoins. Under the new law, only licensed institutions such as banks will have the authority to issue dollar-backed cryptocurrencies. Moreover, the bill mandates that stablecoin providers disclose their reserve holdings every month. These monthly disclosures will help ensure transparency and accountability in the fast-growing sector.

In addition, major issuers must undergo external audits on an annual basis. These audits will serve to reinforce trust in the stability of the tokens and the integrity of the issuers.

Focus on Consumer Protection and National Security

Beyond financial transparency, the GENIUS Act places a strong emphasis on consumer protection and national security. Lawmakers argue that by tightening oversight, the legislation will safeguard users while deterring illicit activities such as money laundering or terrorist financing.

Supporters of the GENIUS Act believe it will foster innovation within the U.S. crypto space while reinforcing the global dominance of the U.S. dollar. With a solid regulatory foundation now in place, developers and financial institutions alike can move forward with greater confidence.

As Garlinghouse and other industry leaders have pointed out, the GENIUS Act may finally give the cryptocurrency sector the legitimacy and direction it has sought for years.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.