GENIUS stablecoin legislation clears important vote, moves forward in US Senate
The US Senate voted 68-30 to advance the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) over a month after its introduction.
While addressing the Senate on Wednesday, Majority Leader John Thune called on Congress members to back the bill, reflecting many of US President Donald Trump’s statements about digital assets, such as the assertion that the legislation would contribute to making the US the “crypto capital of the world.”
A majority of senators, among them several Democrats, voted to invoke cloture on the bill, preparing it for debate and a full floor vote before possibly sending it
Thune stated, “We aim to make cryptocurrency mainstream, and the GENIUS Act will assist us in achieving this.”
to the House of Representatives for additional deliberation.
Thune stated, “We aim to make cryptocurrency mainstream, and the GENIUS Act will assist us in achieving this.” Thune mentioned that Congress still had “more work to be done” regarding digital assets, alluding to another market structure bill under consideration in the House. Two House committees voted on Tuesday to advance the bill known as the CLARITY Act, which may soon lead to a full floor vote.
Senator Elizabeth Warren of Massachusetts delivered a speech from the Senate floor, stating that there were “core problems” with the GENIUS Act that had not been addressed by the chamber’s failure to vote on certain bipartisan amendments.
Additionally, she emphasized worries shared by numerous Democrats regarding Trump’s connections to his family-supported crypto platform World Liberty Financial, as well as providing memecoin holders with dinner and presidential access.
Warren stated, “Trump’s crypto business has established an effective way to exchange presidential favors—such as tariff exemptions, pardons, and government appointments—for hundreds of millions or possibly billions of dollars from foreign governments, billionaires, and major corporations.” “By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”
“The GENIUS Act is riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.”
Can it successfully navigate both the Senate and House before reaching Trump’s desk?
While several Democrats cast their votes in favor of invoking cloture, as of the publication date, some were still asking Republicans to think about making changes to the GENIUS Act. Due to the slim Republican majority in the chamber, it is uncertain if the bill will garner sufficient support to pass.
Following the unsuccessful cloture vote in May, David Sacks, who serves as Trump’s “AI and crypto czar,” stated that the White House anticipated bipartisan support for the GENIUS Act’s passage in the Senate. As of May, the Financial Services Committee was still considering the STABLE Act, a companion bill in the House aimed at regulating stablecoins.
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